Sunday, April 21, 2019
Home / Tech News / Liberty Reserve: A Digital Money Service Closed

Liberty Reserve: A Digital Money Service Closed

Authorities in the Central American nation said Arthur Budovsky had been subdued in Spain on suspicion of revenue laundering, following an investigation which also called for the US.

They added that police had raided several of Mr Budovsky’s properties and seized his computer servers.

The site went down on Thursday.  Liberty Reserve had depicted itself as being the internet’s “oldest, safest and most popular payment processor… serving millions all around a world”.

According to Krebs On Securities blog, the closing of Liberty Reserve has the potentiality to “cause a major upheaval in the cyber crime economy”.

He said there had been “apprehensive discussions” about the news on many forums after fraudsters and malware vendors discovered they where not able to access their accounts.

But others say they used the service for legitimate reasons, and are concerned about the lack of information.

Co-founder 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.

About FastFlux

Owner of ZeroSecurity, interested in programming, malware analysis and penetration testing. If you would like to write for the ZeroSecurity team, please use the contact form above.

Check Also

Megaupload plan to return after 5 years

The huge file-sharing website, Megaupload is scheduled to relaunch, five years after being raided and …