U.S. authorities allege DropBit CEO suspected of money laundering transaction worth $ 311 million

According to The Block, Larry Dean Harmon, CEO of crypto wallet provider DropBit, has been indicted for money laundering of $ 311 million for "dark web" transactions. It is reported that Harmon was accused of selling drugs through the dark web market AlphaBay, which was closed by federal authorities in 2017. This market is the main source of fentanyl and heroin. Between 2014 and 2017, Harmon laundered at least 354,468 Bitcoins (then worth more than $ 311 million) through his hybrid service called Helix. At current prices, these bitcoins are worth more than $ 3.7 billion. Jake Chervinsky, general counsel for DeFi loan agreement startup Compound, called the case "tricky" on Twitter and said that the Department of Justice "accused the transfer of unlicensed funds was excessive." Crypto podcast host Peter McCormack said DropBit is expected to continue to operate as Harmon and the developers of the app are using their funds.