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Liberty Reserve Arrests Hurting the Bad Guys

The bad man's bank causing "pain" to criminals

US Attorney deals heavy blow to underworld

The closure of the digital bank Liberty Reserve is causing criminals “pain” after seeing comments on forums of “steep losses”. The Costa Rica based company has processed no less than 55 million separate financial transactions and laundered a whopping $6bn (£4bn) in criminal dosh.

Preet Bharara, US Attorney for the Southern District of New York added that they had also seized $25m following the arrest of the founder, Arthur Budovsky in Spain.

With more than one million users, a fifth of which were from the US, it’s not know how many users had duplicate accounts as the site failed to validate it’s members identity.

American journalist, Brian Krebs told news sources "If you're running a cybercrime operation and you lose half or three-quarters of your capital that can hurt and put a dent in your overall ability to perpetuate your business or whatever you are doing.”

"The medium to long-term impact is going to hinge largely on what law enforcement is able to glean from the data it has taken from Liberty Reserve.”

"It may lead them to be able to identify people who are ringleaders in cybercriminal activity. That said, it's very likely that information is heavily encrypted, and [based on the experience of other cases] the government is going to need the co-operation of the people they've arrested."