Liberty Reserve is closed today for Money Laundering crimes and its owner Arthur Budovsky has been arrested in Spain. Charges filed against him includes money transfer from child pornography and drug trafficking. Its really a shock for millions of LR users. There is not yet an official report of deposited funds which averages to $10 billion US Dollar.
Currently large number of users from different countries are using Liberty reserve as a reliable payment processor. Many internet forums and websites are discussing about locking down the LR system to prevent money laundering. Liberty reserve is frequently attacked by hackers yet it is been now optimized for blocking unauthorized transactions. Liberty reserve’s owner is caught and officially no report is available till this time.
Alert for LR users:
If any clients are asking funds in return of Liberty reserves, stay away from them until this problem is fixed.