Liberty Reserve Closed After Founder Arrested

Liberty Reserve's founder, Arthur Budovsky Belanchuk was arrested in Spain on Friday.Investigators stated that Mr Arthur's business in Costa Rica,including Liberty Reserve,were used to launder money for drug trafficking and pornography websites.Liberty reserve was known for easily converting US dollars into Bitcoins and vice versa.Brian Krebs, a cybercrime expert said that Liberty Reserve was one of the most popular way of making payment in the “cybercrime underground.” It seems that after the shut down on Liberty Reserve,many underground forum will face difficulty as most of them were using this service to transfer their money.
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