Digital currency website Liberty Reserve has been closed down once U.S. and Costa Rican authorities arrested its founder Arthur Budovsky Belanchuk in Spain. Central American Dailies, The Tico Times reports that Budovsky was apprenhended on Friday. Investigators say that Budovsky’s Investments in Costa Rica, as well as Liberty Reserve, were utilized to launder money for pornorgraphic websites and drug traffic.
Liberty Reserve website has since been offline since Friday 24th May, 2013.
The digital currency processor is a very popular means of online money among emerging forex markets and leading brokers, especially in Countries that have underdeveloped banking systems.
Its extremely popular in Africa and Asia with daily transaction volumes among users running into millions of dollars and euros.