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Author Topic: Founder of Liberty Reserve Arrested  (Read 889 times)

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Founder of Liberty Reserve Arrested
« on: May 27, 2013 »
+2
Well, as i pass this info, i'm praying and hoping there will be a better solution by the Authorities to the thousands of online business owners who uses Liberty Reserve for a good course.

The home and offices of the Founder of Liberty Reserve Arthur Budovsky was raided by Costa Rican agents. Budovsky, 39, was arrested on Friday in Spain as part of a money laundering investigation performed jointly by police agencies in the United States and Costa Rica. The US officials likely will seek his extradition. This happens not to be his first but this time is definitely tougher than the last as he's been accused of more crime than he was in 2006.


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Re: Founder of Liberty Reserve Arrested
« Reply #1 on: May 27, 2013 »
+1
I actually forgot to add that the website of Liberty Reserve has been shut down. What next? Which is the best digital currency site to deal with? The founder of Liberty Reserve was also accused of not having licence to transact money. How do we know the ones that have such licence?
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Re: Founder of Liberty Reserve Arrested
« Reply #2 on: May 27, 2013 »
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This is really a sad news for many people including myself that have some money in our liberty reserve account. Oh God please help us.
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Re: Founder of Liberty Reserve Arrested
« Reply #3 on: May 27, 2013 »
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Yes this is confirmed true as my associate in the US called me some 30minutes ago to tell me this Eventhough all my funds there now can not be transferred but he also advised me not to transfer to e-Naira cos of possible sanctions may affect them,God help us
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Re: Founder of Liberty Reserve Arrested
« Reply #4 on: May 27, 2013 »
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@prince Nuel, what do you thing we can do now Or is all our fund gone like that? This news has weaken me so seriously.
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Re: Founder of Liberty Reserve Arrested
« Reply #5 on: May 27, 2013 »
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Well, as i pass this info, i'm praying and hoping there will be a better solution by the Authorities to the thousands of online business owners who uses Liberty Reserve for a good course.

The home and offices of the Founder of Liberty Reserve Arthur Budovsky was raided by Costa Rican agents. Budovsky, 39, was arrested on Friday in Spain as part of a money laundering investigation performed jointly by police agencies in the United States and Costa Rica. The US officials likely will seek his extradition. This happens not to be his first but this time is definitely tougher than the last as he's been accused of more crime than he was in 2006.

This is a very serious development as a lot of people will be affected negatively i.e people whose monies might have been trapped.

@ Ojekunle, You and other affected people have to be patient and track events as they unfold. 

I pray for means to recover your  money.

Best regards,

Aare MacFally
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Re: Founder of Liberty Reserve Arrested
« Reply #6 on: May 27, 2013 »
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@Ojekunle, i wish there is any consolation in this, like Macfally said, just have patience and wait as event unfold. I'm really praying that there will be a way out at last, because i know it's not just you and Prince, so many other good people out there are affected, my friends and brothers in this forum and outside there inclusive. God please help us.
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Re: Founder of Liberty Reserve Arrested
« Reply #7 on: May 27, 2013 »
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Dear All,

For more educative reading on Liberty Reserve, kindly go through the following links:

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2.  You are not allowed to view links. Register or Login

Best regards,

Aare MacFally
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Re: Founder of Liberty Reserve Arrested
« Reply #8 on: May 27, 2013 »
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@Aare and Grace thank you so much, I know God is in control.
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Re: Founder of Liberty Reserve Arrested
« Reply #9 on: May 27, 2013 »
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This is so unfortunate!

Honestly!!! If it was owned by a Nigerian, the whole world would by now be screaming!!!

God help us.

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Re: Founder of Liberty Reserve Arrested
« Reply #10 on: May 27, 2013 »
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@Everyone, i heard the moment the guys was arrested but it pained me to my marrow. I also have an account with them but no fund in it. Prince and Ojekunle, ... i don't really knw what to say to u guys but i don't trust all this Alert pay, etc again.
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Re: Founder of Liberty Reserve Arrested
« Reply #11 on: May 27, 2013 »
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Men its just so sad for me cos I have 790dols there n its shot down the only encouraging news I could get is that the US government promised that genuine accounts will be restored after investigations are done but who knows wen
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Re: Founder of Liberty Reserve Arrested
« Reply #12 on: May 27, 2013 »
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Men its just so sad for me cos I have 790dols there n its shot down the only encouraging news I could get is that the US government promised that genuine accounts will be restored after investigations are done but who knows wen

Omennnn... I really pray the US gov do as they have said ooo. This is not a small money ooo.. Prince don't worry, i pray they restore it
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Re: Founder of Liberty Reserve Arrested
« Reply #13 on: May 27, 2013 »
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At the moment things dont seem to be looking very good:

Liberty Reserve digital money service forced offline - BBC

Liberty Reserve Liberty Reserve's website was taken offline on Thursday

Liberty Reserve - a Costa Rican-based digital currency service - has been shut down after the reported arrest of its founder.

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.

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

The site went offline on Thursday.

Liberty Reserve had described itself as being the internet's "oldest, safest and most popular payment processor... serving millions all around a world".

It had allowed users to open accounts and transfer money, only requiring them to provide a name, date of birth and an email address.

Cash could be put into the service using a credit card, bank wire, postal money order or other money transfer service. It was then "converted" into one of the firm's own currencies - mirroring either the Euro or US dollar - at which point it could be transferred to another account holder who could then extract the funds.

The service promised that payment transfers were "instantaneous" and it charged a maximum of $2.99 (£1.98) for each transaction. It also offered a private messaging facility which it said was "much more private and secure than email or instant messenger services".

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.
Refused licence

Costa Rica state prosecutor Jose Pablo Gonzalez announced news of the raids on Saturday. He said that in addition to Mr Budovsky's arrest, 10 other suspects were being investigated in connection with international money laundering.
Liberty Reserve Liberty Reserve

Mr Gonzalez said that Costa Rica's financial regulator, Sugef, had refused to issue a licence to Liberty Reserve in 2011 after raising concerns about how it was being funded.

Although the company Liberty Reserve subsequently closed and dismissed its employees, the prosecutor said Mr Budovsky had continued operating his money exchange service by running it through five other Costa Rican businesses.

The same year, he said, New York based officials asked Costa Rica to investigate.

Mr Gonzalez said offices and houses linked to Mr Budovsky had been raided last week, and that documents and three vehicles - including a Rolls Royce - were seized.

The US Department of Justice's website says that in 2006 Mr Budovsky was found guilty of operating a separate illegal money transmittal business - GoldAge - from a Brooklyn apartment when he used to live in New York.

However, when asked about the latest arrest, a spokeswoman said she could "not provide any guidance" at this time.

The BBC has also asked the Spanish police for more details.
Lost money

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.

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

They include Mitver Holdings, the firm behind a facility called ePay Cards. This allows consumers outside the US to buy goods from stores in the country as if they owned a locally-issued Visa or Mastercard credit card.
ePay Cards The firm behind ePay cards says it now faces an "uphill battle" to make up potentially lost funds

The company - which has offices in London and Texas - used Liberty Reserve as a way for its customers to charge up their "virtual credit cards".

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.

"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."

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Re: Founder of Liberty Reserve Arrested
« Reply #14 on: May 27, 2013 »
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Costa Rican-based digital currency service Liberty Reserve went offline on Thursday after the reported arrest of its founder, Arthur Budovsky.

Budovsky was taken into custody in Spain on suspicion of money laundering following an investigation that also involved the US. Police have also raided several of his properties and seized his computer servers.

Central American newspaper the Tico Times reported that investigators allege Budovsky's businesses in Costa Rica were used to launder funds from child pornography websites and drug trafficking.

Liberty Reserve had described itself as being the internet's "oldest, safest and most popular payment processor... serving millions all around a world."

More from GlobalPost: New $100 bills to hit streets in October with enhanced security (VIDEO)

It allowed users to open accounts and transfer money by only providing a name, date of birth and email address. Those and other lax security features made it popular among cybercriminals who wanted to move money and make payments anonymously.

In April 2011, it was discovered that Liberty Reserve customer information was accessible to Amazon. A reported script problem in August 2012 also ended up locking users out of their accounts, some of which had tens of thousands of dollars in them.

And this isn't the first time Budovsky has had trouble with the law. In 2006, the Liberty Reserve founder and his partner, Vladimir Kats, were indicted in the US on charges related to their business, Gold Age. Authorities said Gold Age had illegally transmitted at least $30 million to digital currency accounts, leading to the sentencing of the two men to five years in prison in 2007. The pair only ended up serving probation.

Budovsky then left the US and headed to Costa Rica, where he started his latest business, Liberty Reserve.

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Re: Founder of Liberty Reserve Arrested
« Reply #15 on: May 28, 2013 »
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I was cautious enough not to get close to liberty reserve with a ten feet pole because I learnt earlier what happen to e-gold could happen to them.And here is it now.It has happened.



For everyone affected, sorry for the cut back on your cash.Africans would be the ones that would suffer it most mostly Nigerians as we constitute the largest when it comes to online transaction due to ban from paypal and clickbank due to yahoo yahoo boys activities.


Like I said,fellows take heart because as it is now all I could say is that the downfall of a man is not the end of his life.
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Re: Founder of Liberty Reserve Arrested
« Reply #16 on: May 28, 2013 »
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It was actually yesterday that I heard the full story from BBC site. You are not allowed to view links. Register or Login It is indeed so disheartening. What a pity!
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Re: Founder of Liberty Reserve Arrested
« Reply #17 on: May 28, 2013 »
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Mmmmhh, well I really had an urge to withdraw that money but I was just waiting for this month end,  in God I trust all shall b well
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