News About Liberty Reserve Close. Owners Get Arrested for Money Laundry

Some days back, Arthur Budovsky Belanchuk was arrested under charges of
financial crimes during worldwide investigation. He is the founder and
owner of Liberty Reserve, one of the most popular electronic currencies
online.This arrest is a huge blow for many businesses and
individuals around the world. The website and currency system is
currently offline, suggesting a government seize. A government seize of
the funds could result in many customers of Liberty Reserve to lose huge
sums of money.

The logic in this arrest seems a bit flawed. If
we are to use this logic with all currencies, most every currency would
be shut down. With the potential loss of Liberty Reserve, criminals will
simply move to different e-currencies. It's just unfortunate that, if
legitimate, Budovsky will face criminal charges for the actions of
others.



Hopefully a fair trial is put into effect and legitimate customers of Liberty Reserve do not lose their funds.



Also base on local media reports, Arthur Budovsky Belanchuk, the owner of
Liberty Reserve website, has been arrested in Spain for charges relating
to money laundry. Accordingly, Budovsky was involved in financial
crimes for transferring funds made by child pornography websites and
drug trafficking.



A lot of threads and discussions have been started in Internet with
regard to locking down Liberty Reserve payment system. At this time,
many famous and popular websites are using Liberty Reserve as a reliable
payment method. Currently a large number of users from different
countries have deposited millions of Dollars in their accounts in
Liberty Reserve.



No information is available about the future of
deposited funds.

According to unofficial reports, some $150 million of money is the
least cash flow of Liberty Reserve payment system, which has managed to
attract customers from all over the world. During the recent years, many
hackers have utilized Liberty Reserve for charging their clients and
victims anonymously. Unlike other popular payment systems, Liberty
Reserve doesn’t track the information of its users.



The system also
deducts an small amount of money per transaction. Liberty Reserve allows
no refunds and has no mechanism for performing a chargeback. The site
has security protections to help lessen the likelihood of an
unauthorized transaction occurring.

It is worth mentioning that Liberty Reserve (LR) is officially blocked in Iran.



Thanks.

Taiwo

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