FBI arrested Liberty Reserve owner in Spain
Liberty Reserve, the most well-known payment system has been shut down and its founder Arthur Budovsky, arrested in Spain by the FBI. Budovsky and Vladimir Kats were arrested before in 2006, for operating Gold Age, a digital currency exchanger which the US federal government deemed to be a money transmitting business without being licensed. However they received five year probation and Budovsky continued to run Liberty Reserve. This time he was arrested for money laundering. Budovsky’s personal businesses in Costa Rica were apparently financed by using money from child pornography and drug trafficking.
Liberty Reserve Shut Down for Money Laundering
Liberty Reserve was a preferred payment option for many internet sites because of their low transaction fees. Liberty Reserve official website has been shut down and none of their international representatives were reachable for comment. However the shutting down of Liberty Reserve has both positive and negative effects.
The positive effects are:
- Prevention of money laundering;
- One option less for scammers (Liberty Reserve did not have a section for ‘Transaction Disputes’ and all the payments made were final).
The negative effects are:
- Legitimate companies who used Liberty Reserve must look for other alternatives;
- Many people lost huge amounts of money;
- There are only few payment systems with less transaction fees like Liberty Reserve.
Undoubtedly many Liberty Reserve users are waiting for a different explanation, perhaps that Liberty Reserve site has been hacked. In the meantime they can only sit and wait for updates, hopefully clicking refresh.
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