Facebook's pragmatic new currency takes on the crypto underworld - Axios

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Attorney's Office. However officials had an even more enthusiastic strategy in the works.  Find More Details On This Page  had actually begun to notice that suspects in unrelated investigations were utilizing Liberty Reserve to move filthy cash. They had pertained to believe that it was a central center for individuals taken part in credit-card fraud, identity theft, investment scams, computer hacking, kid pornography, and narcotics trafficking.

Criminal underworld is dropping bitcoin for another currency - Stuff.co.nz

And they wished to shut it down. The appeal of pursuing Liberty Reserve was undeniable. In theory, it was an even bigger target than Silk Roadway, an online market that offered prohibited goodsan Amazon for the criminal world, up until the FBI busted it in 2013. After all, why go after only stars like Ngo, and even a whole market, if instead you could discover a method to ruin the very currency that bad guys around the world appeared to be utilizing? At the heart of the government's probe were two sixty-four-thousand-dollar questions: The number of lawbreakers were using Liberty Reserve? And had they hijacked the system, or were they the desired users? The underworld is a realm that thrives on fear.

Rather mysteriously, the company's Web site had actually stopped working. There were no descriptions, no "We're experiencing technical troubles" notices. The web page just rerouted to a blank screen. Those who troubled to investigate more learned that the domain name for that blank page was managed by a nonprofit organization called the Shadowserver Structure.

Bitcoin is being dropped by the criminal underworld for another currency

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We are comprised of volunteer security specialists from worldwide." It appeared that the Liberty Reserve Web site had actually been removed, at least briefly, by a team of pro bono crime fighters. By evening, a group of "carders"cybercriminals who focus on offering taken credit-card numbershad gathered online at a safe forum called to go over the scenario.

"They vet you to make sure you are a great crook," he told me. Regardless of not having the ability to access their accounts, some of the carders remained enthusiastic. "LR will be back and provide everyone triple their account balance," one composed. Another, who called himself "Ninja," provided a standing $1,000 bet that Liberty Reserve would quickly resume running.