Seven People Have Been Indicted For Running the "Financial Hub of the Cyber-crime World"

Seven People Have Been Indicted For Running the "Financial Hub of the Cyber-crime World"

Don't do the crime if you can't do the time: Liberty Reserve, a digital currency system where almost all of its $6 billion worth of money transfers were by hackers, drug-dealers and cybercriminals (totaling 55 million different transactions), has been shut down and its founder, Arthur Budovsky, has been charged in America with running the illegal business. Four others involved have been arrested, and two others are still at large. 

The organization was based in Costa Rica, and was used to offer almost 1 million criminals an anonymous way to transfer money they gained from child pornography, credit-card fraud and Ponzi schemes, all going undetected by law enforcement. 

The Liberty Reserve service was reportedly favored by the same cybercriminals who recently orchestrated the $45 million bank heist that laundered money from two Middle Eastern banks that the criminals took from ATMs around the globe.

[via NY Times]

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Tags: money, crime, cyber, cyber-crime, law
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