In what could be a bad sign for the future of Bitcoin , the feds have shut down Liberty Reserve, a virtual currency exchange system that prosecutors claim was a $6-billion money-laundering scheme designed to help criminals and hackers conceal the origin of their illicit money. Liberty Reserve is a Costa Rica-based online payment network that U.S. authorities dubbed the "financial hub of the cyber-crime world." According to the indictment ( .PDF) unsealed on Tuesday, the service was one of the world's largest digital currency systems with more than 1 million users
and more than 12 million transactions. For the feds, Liberty Reserve facilitated "a broad range of online criminal activity, including credit
card fraud, identity theft, investment fraud, computer hacking, child pornography, and narcotics
trafficking," and "was in fact used extensively for illegal purposes, functioning in effect as the bank
of choice for the criminal underworld." The indictment, first reported on by Internet security reporter Brian Krebs , and filed in the U.S. District Court for the Southern District of New York, accused Liberty Reserve's founder Arthur
Budovsky, 39, and five alleged co-conspirators, of running the illegal money-laundering service. The five were arrested on Friday in Spain, Costa Rica and Brooklyn, N.Y. The arrests culminated an
operation that involved law enforcement agencies form 17 different countries, making it possibly
the largest money laundering prosecution ever.

http://mashable.com/2013/05/28/bad-news-bitcoin-liberty-reserve-shutdown/

jazz04: In what could be a bad sign for the future of Bitcoin , the feds have shut down Liberty Reserve, a virtual currency exchange system that prosecutors claim was a $6-billion money-laundering scheme designed to help criminals and hackers conceal the origin of their illicit money. Liberty Reserve is a Costa Rica-based online payment network that U.S. authorities dubbed the "financial hub of the cyber-crime world." According to the indictment ( .PDF) unsealed on Tuesday, the service was one of the world's largest digital currency systems with more than 1 million users
and more than 12 million transactions. For the feds, Liberty Reserve facilitated "a broad range of online criminal activity, including credit
card fraud, identity theft, investment fraud, computer hacking, child pornography, and narcotics
trafficking," and "was in fact used extensively for illegal purposes, functioning in effect as the bank
of choice for the criminal underworld." The indictment, first reported on by Internet security reporter Brian Krebs , and filed in the U.S. District Court for the Southern District of New York, accused Liberty Reserve's founder Arthur
Budovsky, 39, and five alleged co-conspirators, of running the illegal money-laundering service. The five were arrested on Friday in Spain, Costa Rica and Brooklyn, N.Y. The arrests culminated an
operation that involved law enforcement agencies form 17 different countries, making it possibly
the largest money laundering prosecution ever.

http://mashable.com/2013/05/28/bad-news-bitcoin-liberty-reserve-shutdown/

dis US of a country, wot eva dey dnt benefit from is always illegal. so many cash dat leaves Nigeria tru money laundery in2 der banks wul neva b mention cos it boost der economy & covers up 4 der extra-vagant spending. sinc d liberty reserve cash flow has no direct impact on der economy d laundery biz den turns a crime.

as lr is gone our money is gone.

It is high time we forgot about LR issues as we now sell Perfect Money big time, call me incase u need Perfect Money

Since most of our money is lost on Liberty reserve,,,,,,,pls the nairaland inhouse judges who parade themselves, conduct some investigation and do some hacking to identify the cause of the closure,,,,,

Expecting responds,,,,