Federal agencies are claiming Liberty Reserves to be the biggest digital fraud and money laundering scheme in history. That amount is estimated to be around $6 billion of illegal money. The US authorities have size the domain name of Liberty Reserves.
Liberty Reserves has been branded the "financial hub of the cyber-crime world" and is the bank of choice for criminals around the world. +LR handles a vast amount of money outside of government regulation. It boost of more than one million users worldwide, with about 200000 within the United States alone. Liberty Reserve is reputed to operate in 17 countries and facilitated a reported at least 55 illegal #transactions.
Five defendants, including founder and co-founder Arthur Budovsky and Vladmir Kats. A manager, accountant, and designer of technological infrastructure were also arrested. to stand trial.
While some are hopeful that Liberty reserve would be back some day, which the list of accusation placed on them, it is likely the have to revamp the whole system to have a chance of being approved by authorities. Even then the name of LR is ruin and do not expect them to return any time soon