Law enforcement officials in the U.S. announced Tuesday they had closed and seized Liberty Resercve, an virtual currency they called a financial hub of the online criminal world.
Four days previosly, its founder, Arthur Budovsky, had been arrested in Spain. The Ukrainian native ran the business from Costa Rica.
According to an indictment filed in the U.S. District Court for the District of Southern New York, authorities allege Liberty Reserve processed 55 million transactions and laundered $6 billion between 2006 and 2013.
While LibertyReserve offered account-to-account transfers, it also created a shopping cart checkout for merchants that were “overwhelmingly criminal in nature,” authorities said. “They included, for example, traffickers of stolen credit card data and personal identity information; peddlers of various types of online Ponzi and get-rich-quick schemes; computer hackers for hire; unregulated gambling enterprises; and underground drug-dealing websites.”
Read the full story on the Krebs on Security blog.
Seven steps to software security
After a decade of news detailing countless successful cyber-attacks, it's hard to imagine a corporation not understanding they need a software security solution. Unlike implementing software quality assurance, the processes that go into making applications more secure are still relatively immature. As well, ownership for the security of software in an organization is not always consistent or clear.