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Sat Jan 30, 2016, 04:14 AM

Digital currency firm co-founder admits to US money laundering charge

Source: Reuters

Digital currency firm co-founder admits to US money laundering charge

Reuters in New York
Saturday 30 January 2016 06.05 GMT

The co-founder of the Liberty Reserve digital currency service has pleaded guilty to money laundering conspiracy, days before he was to go on trial accused by US prosecutors of enabling criminals worldwide to launder more than US$6bn.

Arthur Budovsky, 42, admitted he knew Costan Rican-based Liberty Reserve was “susceptible” to be used by criminals, including for Ponzi schemes. He pleaded guilty in Manhattan federal court on Friday.

“I knew what I did was illegal,” Budovsky, in blue jail clothing, told US District Judge Denise Cote.

Budovsky faces up to 20 years in prison. He is scheduled to be sentenced on 6 May.

Liberty Reserve operated what US prosecutors called one of the world’s most widely used digital currency services, which was used by criminals involved in hacking, child pornography and drug trafficking.

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Read more: http://www.theguardian.com/us-news/2016/jan/30/digital-currency-firm-co-founder-admits-to-us-money-laundering-charge

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