U.S. Government Seizes Liberty Reserve.com
Summary: U.S. federal law enforcement announced the closure and seizure of Liberty Reserve, an online virtual currency the government alleges acted as a financial hub of the cyber-crime world and processed more than $6 billion in criminal proceeds from 2006 to May 2013. Founder Arthur Budovsky, 39, was arrested in Spain, and five defendants including Budovsky were arrested on May 24, with the indictment alleging Liberty Reserve processed an estimated 55 million transactions and deliberately made activity anonymous and untraceable.
What's compelling: The government froze Liberty Reserve accounts, leaving unclear how much money remains tied up and whether existing customers will get access to their funds, while competitors Perfect Money and WebMoney moved to block new U.S. registrations.
Read the original at Krebs on Security ↗
- Topics
- Cybercrime & Law Enforcement
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