Online currency exchange, Liberty Reserve, is accused in laundering $6 billion. It is a central hub for criminals trafficking in everything from stolen identities to child pornography, federal prosecutors in New York said.
According to Preet Bharara, the United States attorney in Manhattan, and other law enforcement officials, it is the largest online money-laundering case in history. The cyber money-laundering scheme included 1 million users worldwide, with more than 200,000 users in the US. Over seven years, 55 million transactions were conducted through Liberty Reserve, the prosecutors said.
From 2006 to 2013, Liberty Reserve became one of the world’s most widely used digital currency services but it appeared to be a “financial hub of the cybercrime world”. The profits from criminal activities were processed anonymously and ranged from identity theft and credit card fraud to computer hacking, investment fraud, child pornography, and drug trafficking.