[QUOTE]Arthur Budovsky Belanchuk, 39, on Friday was arrested in Spain as part of a money laundering investigation performed jointly by police agencies in the United States and Costa Rica.
Costa Rican prosecutor José Pablo González said Budovsky, a Costa Rican citizen of Ukrainian origin, has been under investigation since 2011 for money laundering using a company he created in the country called Liberty Reserve.
Local investigations began after a request from a prosecutor’s office in New York. On Friday, San José prosecutors conducted raids in Budovsky's house and offices in Escazá, Santa Ana, southwest of San José, and in the province of Heredia, north of the capital.
Budovsky's businesses in Costa Rica apparently were financed by using money from child pornography websites and drug trafficking.[/QUOTE]
[URL="http://www.ticotimes.net/More-news/News-Briefs/Costa-Rican-arrested-in-Spain-for-alleged-financial-crimes_Friday-May-24-2013"]http://www.ticotimes.net/More-news/News-Briefs/Costa-Rican-arrested-in-Spain-for-alleged-financial-crimes_Friday-May-24-2013[/URL]
So this is why Liberty Reserve is down. Thank god I did not have any money in LR.
I never even heard of Liberty Reserve until now. What exactly was it?
It's a lot like PayPal. A lot of people use it, especially investors.
EDIT: Not the best explanation, since I no longer use it. Just google it.
Hopefully everyone with money in it will get their money back safely.
[QUOTE=matt000024;40776489]Hopefully everyone with money in it will get their money back safely.[/QUOTE]
Quote from a guy who was talking to an investor about this
[QUOTE]You're....kidding....right?
LR was not a bank (no banking protection)
It was performing money transfers illegally / unlicensed.
And, for the Trifecta, It was (allegedly) money laundering and taking payments related to child pornography.
Your money is GONE.
Fuck, I'd go so far as to say anyone that had significant amounts of money in LR will be getting a knock on the door in the next 6 months.
But no, you will never see your money again. You heard it here first.[/QUOTE]
About the first line there, paypal isn't a bank either, there's no protection there either.
Except, that it is [U][I][B]GOVERNMENT REGULATED[/B][/I][/U]
Nonononononononoononoono
Boom goes the uni plans!
[QUOTE=Crimor;40776534]About the first line there, paypal isn't a bank either, there's no protection there either.[/QUOTE]
Paypal actually is I think. Not sure where it's licensed but it does have a bank license. Probably something like Luxembourg or Cayman islands.
I can hear the bitcoin community going "noo, muh money" :v:
[QUOTE=wraithcat;40776632]Paypal actually is I think. Not sure where it's licensed but it does have a bank license. Probably something like Luxembourg or Cayman islands.[/QUOTE]
It isn't a bank by US definition, which is why they've gotten away with so much BS.
Though some members of the EU coalition seems to be set on getting sites like paypal to operate cleanly and with the users in mind.
[QUOTE=Crimor;40776534]About the first line there, paypal isn't a bank either, there's no protection there either.[/QUOTE]
It is a bank in most of Europe, it has European banking protections.
FUCCK NO THIS CANT BE REAL FUCK NO
GOD FUCKIGN DAMN IT SHTIASWITYAWI
[QUOTE=DrogenViech;40776763]I can hear the bitcoin community going "noo, muh money" :v:[/QUOTE]
[QUOTE=Turing;40777011]FUCCK NO THIS CANT BE REAL FUCK NO
GOD FUCKIGN DAMN IT SHTIASWITYAWI[/QUOTE]
[img]http://i.imgur.com/x5auqv0.png[/img]
[url]https://twitter.com/securityhulk/status/126380860864864257[/url]
[QUOTE=Sobotnik;40777018][img]http://i.imgur.com/x5auqv0.png[/img]
[url]https://twitter.com/securityhulk/status/126380860864864257[/url][/QUOTE]
That twitter account is amazing.
[img]http://puu.sh/30PLE.png[/img]
[url]https://twitter.com/securityhulk/status/323838594852720641[/url]
What's this to do with Bitcoin again?
[QUOTE=DrTaxi;40777057]What's this to do with Bitcoin again?[/QUOTE]
Liberty Reserve was a site that many people used to convert their bitcoins into euros or other real currency.
[QUOTE=Turing;40777011]FUCCK NO THIS CANT BE REAL FUCK NO
GOD FUCKIGN DAMN IT SHTIASWITYAWI[/QUOTE]
so much for those hundred thousands eh
[QUOTE=DrTaxi;40777057]What's this to do with Bitcoin again?[/QUOTE]
Liberty Reserve can be used to add or withdraw funds to bitcoin exchanges, and is often used for that purpose.
[editline]25th May 2013[/editline]
[QUOTE=johnsten;40777086]so much for those hundred thousands eh[/QUOTE]
Decentralized currency is pretty much a joke anyways.
[QUOTE=Sobotnik;40777093]
Decentralized currency is pretty much a joke anyways.[/QUOTE]
b-but... my libertarian society
my free markets
my cryptocurrency
my ron paul
[QUOTE=johnsten;40777158]b-but... my libertarian society
my free markets
my cryptocurrency
my ron paul[/QUOTE]
I love deflationary currencies as well. The violent booms and sudden slumps mark most economic activity, plus you end up mining vast amounts of gold. Given that enough gold wouldn't exist, it would require a massive devaluing of the dollar as well.
Oh well, anything for muh gold.
[QUOTE=johnsten;40777158]b-but... my libertarian society
my free markets
my cryptocurrency
my ron paul[/QUOTE]
It's funny. You mock "libertarians" and then cite Ron Paul. Obviously you don't have the faintest fucking clue about what you're talking about.
[editline]25th May 2013[/editline]
I really wish /pol/ would fuck right off so that political discussions here weren't plagued with "lolol culturual marxist libertarianists"
[QUOTE=Cinnamonbun;40776543]Except, that it is [U][I][B]GOVERNMENT REGULATED[/B][/I][/U][/QUOTE]
so?
So they pretty much have licenses etc to operate. So if it ever was shutdown, you would be able to get your money back.
[QUOTE=Flash;40777082]Liberty Reserve was a site that many people used to convert their bitcoins into euros or other real currency.[/QUOTE]
It wasn't used as much as you think for that purpose. LR is as hard to trade for USD as much as Bitcoins are, and any businesses that accepted LR usually would accept Bitcoin already.
I'm pretty sure they only let you withdraw by wire, which is expensive as hell.
The people on hackforums are gonna flip. :v:
[QUOTE=Drsalvador;40777263]It's funny. You mock "libertarians" and then cite Ron Paul. Obviously you don't have the faintest fucking clue about what you're talking about.
[editline]25th May 2013[/editline]
I really wish /pol/ would fuck right off so that political discussions here weren't plagued with "lolol culturual marxist libertarianists"[/QUOTE]
Ron Paul is clearly a libertarian even if he claims he's not.
[QUOTE=Eudoxia;40777643]Ron Paul is clearly a libertarian even if he claims he's not.[/QUOTE]
Especially his foreign policy, which consists solely of him imitating an ostrich in the desert.
Read title and thought it was a water reserve.
So a Costa Rican citizen of Ukrainian origin laundered child pornography money in San Jose.
Can't make that shit up.
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