Bitcoin Forum

https://www.wsj.com/articles/operator-of-helix-bitcoin-mixer-pleads-guilty-11629328791


many others are running the same businees right now.

Money laundering is the root cause to what happened to the Operator of Helix btc mixer. There's a strong evidence to sue him, that's why he will be on jail after those people who became their prey will come out to file charges against him.
For those doing the same scheme like this and runs smoothly until now, they better watch out! Authority was just behind them and will soon capture criminals.

Let me quote the article:


I guess it's over for him, he readily admitted in court that he has done this intentionally.

Just a matter of how long he is going to jail for 20 years. I guess that's the justice that we all have been hoping for this guy. It might bring bad light for tumbling services again.

The question is this >>>>>>>>>>>


Will be the bitcoin laundered can be recovered? or at least he will pay back from the addresses drops off? or this will remain floating until being forgotten and His family or friends will benefits?

if he will be the only one to suffer in 20 years? that is just a short time of your family in return will live luxurious and happy.

Sooner or later, the other people that have mixers will also be affected by this and will have to present themselves into the court even if they didn't laundered the money themselves because they have provided the services for the launderers to use, pretty sure that some people will still defend the use of mixers.

Many others are running the same business but they are not money laundering. Money laundering and running a mixing service is different. Mixing services are allowed in most countries because it provides increased privacy but money laundering is not. If someone uses a mixing service it does not mean they have any thing to hide instead they could be increasing their privacy and do not want people they trade with to know how much money they have. They could still be declaring their tax to the IRS.

The charges in this case are because he conspired with darknet marketplaces to launder money, not simply because he offered a mixing service. Mixing your coins is not illegal and is done for a variety of completely legitimate reasons. The majority of coins sent to mixers come directly from centralized exchanges, usually from KYCed users, and so are simply individuals trying to stop these exchanges from spying on their transactions and financial dealings after they have withdrawn bitcoin from them, as all centralized exchanges do.

If "providing a service which criminals can use" is a crime, then you'll need to arrest damn near everyone on the planet, from Mark Zuckerberg to the guy who runs the hot dog stand on the corner. Just because a criminal can use a service doesn't mean running that service is a crime.

You move around with cash in you pockets, exchange that cash for goods and receive change, all of which cannot be traced to you, but the concept of making it difficult for someone to monitor your transactions feels dubious?

Like any other Bitcoin service, anyone is free to use it the way the wish, this means we would have honest and dishonest users, but it does not affect the purpose the system was created for, in this case - Privacy.

I am really interested in how they actually caught him.... ?  It also looks like he intentionally ran the Mixer service to launder money for those platforms, so he cannot deny it anymore. Intentionally assisting others in crime .. is the same as doing the crime yourself.  >:(

This makes you think .... How many of the other Mixer services are doing the same thing and if it will be easy to track them down? If they keep logs... then a lot of the ransomware hackers and exchange hackers are going to find themselves behind bars soon... because a lot of them also use these Mixer services to hide their real identities.  >:(

It seems like a pretty cut and dry case from the judges perspective. The purpose of a bitcoin mixer is literally to hide the source of funds, which in any other financial transaction would be classed as laundering. Anyone who owns these sites know full well that the majority of their customers will be sending dirty money through their system in order to try and clean it. Every single mixer that gets big enough will end up being prosecuted like this if the US authorities get hold of the owner. The feds also get to seize large sums of money and also figure out lots of customers who might have been trying to avoid taxes - people should stay far away from such services or they might get a knock at the door in future.

So all cash transactions are classed as laundering? Don't be ridiculous.

Absolutely not true. Only around 8% of coins sent to mixers are what you might term "dirty money". The majority of funds come directly from KYCed accounts on centralized exchanges from average users simply seeking to reclaim some privacy. Nothing illegal about that. Source: https://cointelegraph.com/news/only-8-of-mixed-crypto-coins-tied-to-illicit-activity-report

If you've completed KYC on a centralized exchange, then your details have already been passed to your government. It's KYC you must avoid if you don't want the government knocking on your door, not mixers.

Not just that, but many users here are advertising such money laundering businesses. The advertising of blatantly illegal services here can’t last forever and I’m sure at some point other folks will meet this same fate. With all the funds the Biden administration is spending to identify tax cheats and illegal activity in crypto you can bet that these mixers will continue to face the heat. I just wonder how far the arrests will reach and what penalties users who take profits advertising the illegal services will be liable for.