Author Topic: US Busts Bitcoin-Like System Liberty Reserve in Costa Rica  (Read 1277 times)

Offline pipthom

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 U.S. authorities revealed on Tuesday they have shut down a Costa Rica-based money transfer company that they said provided a digital currency system widely used around the world by cyber-criminals.
In a statement, officials said authorities in Spain, Costa Rica and New York arrested five people on Friday and seized bank accounts and Internet domains associated with the company, Liberty Reserve.
Costa Rican prosecutor José Pablo González said Liberty Reserve and related businesses were used to launder funds from child pornography websites and drug trafficking.
Digital currency is made up of transferable units that can be exchanged for cash. Over the past decade, its use has expanded, attracting attention from the media and Wall Street. The most widely known digital currency is Bitcoin. Liberty Reserve's currency was not connected to Bitcoin.