On Friday, Arthur Budovsky Belanchuk was arrested under charges of financial crimes during worldwide investigation. He is the founder and owner of Liberty Reserve, one of the most popular electronic currencies online.
Since 2011, Budovsky has been investigated for money laundering crimes under Liberty Reserve.
Claims are that his company was most entirely funded from world-wide criminals who used his currency to finance their crime rings.
Like all currency, it is used for both legal and illegal transactions. Budovsky himself did not partake or intentionally assist criminals, he simply ran his company for organizing Liberty Reserve currency.
This arrest is a huge blow for many businesses and individuals around the world. The website and currency system is currently offline, suggesting a government seize. A government seize of the funds could result in many customers of Liberty Reserve to lose huge sums of money.
The logic in this arrest seems a bit flawed. If we are to use this logic with all currencies, most every currency would be shut down. With the potential loss of Liberty Reserve, criminals will simply move to different e-currencies. It's just unfortunate that, if legitimate, Budovsky will face criminal charges for the actions of others.
Since 2011, Budovsky has been investigated for money laundering crimes under Liberty Reserve.
Claims are that his company was most entirely funded from world-wide criminals who used his currency to finance their crime rings.
Like all currency, it is used for both legal and illegal transactions. Budovsky himself did not partake or intentionally assist criminals, he simply ran his company for organizing Liberty Reserve currency.
This arrest is a huge blow for many businesses and individuals around the world. The website and currency system is currently offline, suggesting a government seize. A government seize of the funds could result in many customers of Liberty Reserve to lose huge sums of money.
The logic in this arrest seems a bit flawed. If we are to use this logic with all currencies, most every currency would be shut down. With the potential loss of Liberty Reserve, criminals will simply move to different e-currencies. It's just unfortunate that, if legitimate, Budovsky will face criminal charges for the actions of others.
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