Founder of Digital Currency Service Liberty Reserve Gets 20 Years in Jail

[kreslik.news]

Ever wondered why the creator of Bitcoin Satoshi Nakamoto kept his identity hidden for all these years? He probably suspects this will be his fate as well.

Arthur Budovsky, the founder and operator of Liberty Reserve, has been sentenced to twenty years in prison on Friday by a U.S. District Court in Manhattan. The service offered digital currencies pegged to the USD, EUR or gold that many online firms used as an alternative funding method across international borders. As the service offered anonymity for money traders the American court ruled that it was used to commit money laundering.

According to the accusations, Liberty Reserve was processing more than $8 ... (read more)