PatrickC Posted May 28, 2013 Posted May 28, 2013 http://www.bbc.co.uk/news/technology-22680297 Authorities in the Central American country said Arthur Budovsky had been taken into custody in Spain on suspicion of money laundering, following an investigation which also involved the US........ Security expert Bryan Krebs said Liberty Reserve's features had made it a popular among cybercriminals who wanted to move funds and make payments anonymously. ......However, others said they had used the service for legitimate means, viewing it as a cheaper alternative to PayPal. They fear they will now lose money still sitting in its accounts....... ......According to Mr Krebs' security blog, the closure of Liberty Reserve has the potential to "cause a major upheaval in the cybercrime economy". He said there had been "anxious discussions" about the news on several internet forums after fraudsters and malware sellers found themselves unable to access their accounts ......Mitchell Rossetti said he had about $28,000 sitting in his business's Liberty Reserve account at the time the site went offline. "We used Liberty Reserve because it was quick, efficient and secure," he told the BBC. "Now, we - and thousands of others who were dependent on it - have been left with nothing to look at except a blank webpage, and nothing more to go on than reports from the Costa Rican press. "We need to know if our assets have been seized and what would be the requirements to get the funds returned." A further discussion on the topic and the possible Implications for Bitcoin investors.
PatrickC Posted May 28, 2013 Author Posted May 28, 2013 John Stossel makes a mention of this event http://www.foxbusiness.com/on-air/stossel/blog/2013/05/28/government-kills-private-online-currency
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