A Light at the End of Liberty Reserve’s Demise?
Summary: The U.S. Justice Department seized Liberty Reserve in May 2013, alleging the virtual currency service was a $6 billion financial hub for cybercrime that processed an estimated 55 million transactions across more than 600,000 U.S.-associated accounts from 2006 until its takedown. In February 2020, an IRS investigator told KrebsOnSecurity that the government had recently gained legal access to some funds in overseas bank accounts used by Liberty Reserve and had begun contacting claimants to vet their claims against its records.
What you should know: Liberty Reserve's founder, Arthur Budovsky, was sentenced to 20 years and ordered to forfeit $122 million, but the government still will not say how much it intends to return to former users - and KrebsOnSecurity reports fraudsters have already used the promise of repatriated funds to run phishing scams demanding a bogus processing fee.
Read the original at Krebs on Security ↗
- Topics
- Cybercrime & Law Enforcement
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