75 years in prison for a founder of digital currency service Liberty Reserve
Vladimir Kats is well known as one of the co-founders of digital currency service Liberty Reserve. He was arrested for a number of charges including money laundering, marriage fraud and receiving child pornography. Some of the charges related to his role in running Liberty Reserve and its money laundering – at least $6 billion. The company Liberty Reserve had began its work on 2006 in Costa Rica. The company touted itself as being the Internet’s largest payment processor and offered its services to people across the globe including those in the US. Since then, it operated one of the....
Related News
The founder of Liberty Reserve, a private digital currency system shuttered by the US government for its alleged use by organized crime, has been sentenced to 20 years in prison. Arthur Budovsky was arrested in the spring of 2013 and later extradited to the US for trial. He was ultimately charged with the operation an unlicensed money transmission business as well as conspiracy to both operate an unlicensed money services business and commit money laundering. Budovsky pled guilty to the money laundering conspiracy charge in January after spending years trying to fight the US government’s....
The concept of digital currency was well-known way before Bitcoin and consorts staked their claim. One of the most notorious digital currencies in history is Liberty Reserve, which ultimately failed because it was still centralized. Furthermore, the founder of Liberty Reserve pleaded guilty to money laundering recently, a concept that is not possible with Bitcoin by any means. One of the main reasons why Liberty Reserve became so popular and well-known throughout the years is because this digital currency was used for criminal activities all over the world. Laundering money online was....
Bitcoin was not the first type of online money to be ever created, as it was preceded by E-Gold and Liberty Reserve, to name a few. The creator of Liberty Reserve was sentenced to 20 years in prison on May 6th. Ever since its inception, there has been a lot of discussion about the validity of Liberty Reserve. Transferring money over the Internet with....
Vladimir Kats, one of the co-founders of digital currency service Liberty Reserve has pleaded guilty to a number of charges including money laundering, marriage fraud and receiving child pornography. The 41-year-old from Brooklyn, New York issued his plea at a federal court before US district judge Denise L. Cote yesterday (31st October). Many of the charges he faced related to his role in running Liberty Reserve, which allegedly laundered more than $6bn in suspected proceeds of crimes. If Kats receives the maximum sentence for each charge, he faces 75 years behind bars. Acting assistant....
Liberty Reserve, a Costa Rica-based private currency exchange with its own digital currency, has shut down around the same time its founder has been arrested in connection with a money laundering investigation. Arthur Budovsky, the exchange's founder, was arrested Friday in Spain, according to the Costa Rican newspaper The Tico Times. The paper reported that the money laundering investigation was a joint operation between authorities in the US and Costa Rica. (This YouTube video, posted Saturday, features a Costa Rican prosecutor discussing the investigation.) It added that US authorities....