Bitcoin ‘mixing’ is getting a reputation for money laundering as another service admits to illegal activity
Bitcoin mixing services Helix and Bitcoin Fog are accused of money laundering. Privacy advocates insist that anonymity and privacy offered by mixing is a good thing. Users of Bitcoin mixing are themselves being monitored and take significant risks. The man behind the Bitcoin mixing service Helix, Larry Deen Harmon, has pleaded guilty to charges of laundering $300 million. Making transactions with Bitcoin isn’t completely anonymous , which is why a lot of people choose to use services like Helix or Bitcoin Fog to engage in Bitcoin ‘mixing’. Because this makes tracking payments more difficult, it’s also a fan favourite for those looking to launder money — as Harmon has admitted. According to the US Federal Bureau of Investigation (FBI), Helix moved over 350,000 bitcoins on behalf of customers, with the largest volume coming from Darknet markets. Laundered bitcoins were also involved in illegal drug trafficking offenses, routed through the Darknet. The Darknet refers to a part