Liberty Reserve closed and shut down on Friday by U.S. prosecutors. The investigator charged the operators of Liberty Reserve with money laundering & helping running an unlicensed money transmitting business.
Liberty Reserve laundered over $6 billion till date from criminal activities, right from credit-card fraud, identity theft, child pornography and narcotics trafficking.
Liberty Reserve is accused of running an operation that had 1 million users worldwide and around 200,000 in the U.S. Liberty Reserve conducted 55 million transactions since 2006 and mostly out of that are illegal.
Azzeddine El Amine, 46, of Costa Rica, a principal deputy to Budovsky, was arrested in Spain, the U.S. said. Mark Marmilev, 33, of Brooklyn and Maxim Chukharev, 27, of Costa Rica, who helped designed and maintained the operation’s technological infrastructure, were arrested in Brooklyn and Costa Rica respectively
Lately lot of MLM ponzi schemes were also done through Liberty Reserve option. In India few MLM ponzi schemes were totally running through Liberty Reserve platform. It has come as rude shock to people who were using Liberty Reserve as an online alternative for online transaction.
In india some people were dealing with the exchange of Liberty Reserve currency with INR are hit with a heavy blow.