Arthur Budovsky, founder of Liberty Reserve, which billed itself as the Internet’s “largest payment processor and money transfer system,” pleaded guilty to running a massive money laundering enterprise used by cybercriminals around the world to launder the proceeds of their illegal activity. Budovsky specifically designed Liberty Reserve to help users conduct anonymous and untraceable illegal transactions and launder the proceeds of their crimes. Before the government shut it down in May 2013, Liberty Reserve had more than 5 million user accounts worldwide and had processed millions of transactions. Budovsky admitted to laundering more than $250 million in criminal proceeds. DOJ
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