Digital currency site removed from Web
An Internet site that let users change real money for digital currency has been shut down by the USA's Department of Justice (DOJ). The site, called Liberty Reserve.com, was a place for criminals around the world to launder money. Money laundering is when "dirty cash" from drugs, robberies, etc. is changed into "clean money" that the crime gangs can use. Criminals laundered (changed) more than $6 billion using Liberty Reserve. Police are investigating locations in 17 countries and have taken away dozens of computers and hard disk drives. They hope these can help them find out more about how Liberty Reserve operated. The DOJ says this is the largest case of money laundering ever. Liberty Reserve.com looked like a website for people to change dollars, euro and other currencies into digital money. Owners of other digital cash sites say this system makes it easier and cheaper to transfer money around the world. However, the DOJ says Liberty Reserve was started with the main purpose of laundering money. It says the website was designed, "to help criminals conduct illegal transactions and launder the proceeds of their crimes". It added the site was, "a financial hub of the cyber crime world" that allowed credit card theft, investment fraud, hacking, child pornography and drug trafficking. Many honest people who used Liberty Reserve are now worried they have lost their money. |