Liberty Reserve founder Arthur Budovsky was sentenced to 20 years imprisonment and to pay a $500,000 fine for running a massive money laundering enterprise through his company’s virtual currency once used by cybercriminals around the world to launder the proceeds of their illegal activity. According to the indictment, Liberty Reserve billed itself as the Internet’s “largest payment processor and money transfer system” and allowed people all over the world to send and receive payments using virtual currency. But Liberty Reserve grew into a financial hub for cybercriminals around the world, trafficking the criminal proceeds of Ponzi schemes, credit card trafficking, stolen identity information and computer hacking. DOJ
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