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Liberty Reserve was shut down on Friday 24 May 2013

Discussion in 'Payment Processing Issues' started by aodat2, May 27, 2013.

    May 27, 2013
  1. aodat2

    aodat2 Senior Member PABnononaccred PABnoaccred2 PABaccred2

    Occupation:
    I have a job
    Location:
    Malaysia
    Liberty Reserve, one of the biggest payment processor and money transfer system in the world has been shut down by the police on Friday May 24, 2013.

    The system which is mainly used by the underworld and cybercrime criminals was shut down by the Costa Rican and USA Police Joint Raid.

    You must register/login in order to see the link.

    I've found this news really interesting to follow as I do see many legitimate companies using and accepting Liberty Reserve as a form of payment for their products and etc. Even a few of my friends who are actually doing e-currency exchange was caught off-guard by this sudden shutdown and is currently having tens of thousands if not more in their system.

    I truly wonder if they will be back again or not as there is not further news on this issue anywhere else at all. Not even the US or Costa Rican Government is putting out any news on this topic yet. However it could be seen that their website is not basically pointing to the nameservers of ShadowServer.

    More about Shadow Server could be found at: You must register/login in order to see the link.

    The biggest question right now which is going through everyone's mind is "Will Liberty Reserve Ever Come Back?"
     
    2 people like this.
  2. May 29, 2013
  3. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    You must register/login in order to see the link.

     
    1 person likes this.
  4. May 29, 2013
  5. chayton

    chayton aka LooHoo CAG PABnonaccred webmeister

    Occupation:
    Freelance Designer
    Location:
    Edmonton Canada
    Thanks for this, I just saw the crawl at the bottom of the news and only caught Costa Rica, $55 million, and US transactions! I knew someone here would know what it was about!
     
  6. May 29, 2013
  7. san186

    san186 Dormant account

    Occupation:
    play with computers
    Location:
    windsor
    liberty reserve was shady as fuck. I know a few forums that this closure has fucked up. long live bitcoin.
     
  8. May 29, 2013
  9. Stovetopp

    Stovetopp Senior Member MM

    Occupation:
    Retired
    Location:
    On the Beach
    According to an article in the NY Times this am , all legitimate claims can be made and I imagine if you are not a drug dealer or a money launderer you will be able to get your funds back.
    The closing of Liberty Reserve last week seemed to have an immediate chilling effect on its customers, who were suddenly unable to access their funds and who posted anxious comments in underground forums, according to law enforcement officials. Mr. Bharara said the exchange’s clientele was largely made up of criminals, but he invited any legitimate users to contact his office to get their money back.
     
  10. May 29, 2013
  11. liverpool10

    liverpool10 Dormant account

    Occupation:
    Casino Manager
    Location:
    Liverpool
    Why is bitcoin any different? I understand they accept dubious money too and if so shouldn't they fall under same rules and be shut down?

     

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