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Wed May 29, 2013, 07:24 AM

Prosecutors Use Patriot Act to Shut Down Virtual Currency Operator


via truthdig:


Prosecutors Use Patriot Act to Shut Down Virtual Currency Operator
Posted on May 28, 2013


Liberty Reserve, which, until Tuesday, operated a virtual currency that could be exchanged for cash, stands accused by the United States of laundering $6 billion in criminal funds.

The Treasury Department said the company was “specifically designed and frequently used to facilitate money laundering in cyber space.” According to Reuters, at least five people have been arrested in Spain, New York and Costa Rica, where the company was apparently based (Costa Rican prosecutors said the company was not operating legally).

The best known virtual currency is Bitcoin, but unlike Liberty Reserve, no central authority governs Bitcoins. Instead, users can exchange Bitcoins with each other or buy them from other entities. Currently, one Bitcoin is worth about $130. ..................(more)

The complete piece is at: http://www.truthdig.com/eartotheground/item/prosecutors_use_patriot_act_to_shut_down_virtual_currency_operator_20130528/



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Reply Prosecutors Use Patriot Act to Shut Down Virtual Currency Operator (Original post)
marmar May 2013 OP
leftyohiolib May 2013 #1
Downwinder May 2013 #2

Response to marmar (Original post)

Wed May 29, 2013, 08:04 AM

1. feds dont like competitors

 

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Response to marmar (Original post)

Wed May 29, 2013, 08:35 AM

2. Citi next?

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