Bitcoin Predecessor - Liberty Reserve Founder Receives 20-Year Prison Sentence
Arthur Budovsky, the creator of Liberty Reserve, a digital currency exchange that traded virtual currencies widely regarded to be the predecessors to Bitcoin, has just received a 20-year prison sentence as the US government declared that the whole thing was massive $6 billion money laundering operation. Arthur Budovsky, 42, became involved in the world of virtual currencies in 2002, when he bought the digital currency exchanger, the Gold Age, from its owner, Parker Bradley, alongside his business partner, Vladimir Kats. Only four years later, on 27th July 2006, Budovsky and Kats were....
Related News
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....
Russian authorities have investigated a number of cases involving the theft of crypto mining equipment in the past months. A resident of Yaroslavl has just been found guilty of stealing mining hardware worth over $20,000 and sentenced to three years in prison.
Russian Convicted of Stealing Mining Rigs Receives Prison Sentence
A 34-year-old man from the city of Yaroslavl, some 250 kilometers northeast of Moscow, has been found responsible for the theft of equipment for cryptocurrency mining. The hardware’s value has been estimated at 1.6 million rubles (almost $22,000),....
Eager to catch up on the latest digital currency news? A Liberty Reserve head honcho will now serve time behind bars, and Dr. Craig Wright is backing away from claims that he’s the real Satoshi Nakamoto. These are only some of the stories you might have missed, so take a gander and get the latest scoop below: Bitcoin and alternative currency have long been labeled magnets for criminal activity. So it doesn’t help when one of its own masterminds is planted in an eight-by-nine cell for alleged money laundering. Arthur Budovsky, the co-founder of Liberty Reserve, was sentenced to 20 years in....
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....
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....