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Liberty Reserve shut down, founder arrested Print E-mail
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Source: H Security - Posted by Alex   
Government US federal prosecutors have unsealed the indictment of seven men who were allegedly involved in the Costa-Rica-based digital currency and exchange service, Liberty Reserve. Authorities in the US had already seized the service's domain, effectively shutting down its web site late last week. The site's founder Arthur Budovsky Belanchuk, a former US citizen who now holds Costa Rican nationality, was arrested in Spain on Friday.

The indictmentPDF charges the defendants with money laundering and conspiracy to operate an unlicensed money transmitting business and orders them to surrender all property in connection with the Liberty Reserve operation, including more than $6 billion the site is believed to have laundered since 2006. Millions of dollars of these proceeds have allegedly been deposited in bank accounts around the globe, including in Costa Rica, China, Russia and Morocco. The investigation involved officials from 17 countries.

Read this full article at H Security

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