Is Liberty Reserve a good or bad company? There may be some interesting comments

Happy valentines day folks, welcome back to the blog. In today’s article which was posted to Krebs on Security, Krebs talks about a company called Liberty Reserve.

I’m not too familiar with them, but it looks like this company did some bad things. The main person behind it was arrested and pleaded guilty, an now another man has been picked up.

Federal officials charged that Liberty Reserve facilitated a “broad range of criminal activity, including credit card fraud, identity theft, investment fraud, computer hacking, child pornography, and narcotics trafficking.” The government says from 2006 until the service’s takedown, Liberty Reserve processed an estimated 55 million financial transactions worth more than $6 billion, with more than 600,000 accounts associated with users in the United States alone.

In the surface, you’d read this and think that the large amount of money was not so bad, but for what they were selling, thats bad!

The company acted as a $6 billion financial hub for the cybercrime world. and now the question A Light at the End of Liberty Reserve’s Demise?

This article really goes in to some detail on what happened and if people were taken by this company, money may be returning to you through the government.

If you filed a monetary claim in response to the Liberty Reserve seizure years back, you may have already been contacted by federal investigators, or you may be soon. But please know that fraudsters will likely seize on public awareness about the possible repatriation of funds to fleece the unwary: KrebsOnSecurity has received more than a few emails from readers over the years who fell for various phishing scams that promised to return funds lost at Liberty Reserve in exchange for a bogus “processing fee.”