zanderpm wrote on 23^rd May, 2013 at 10:48pm:

That was easier than I thought.  Pretty sure I've got Liberty Reserve setup now.

UGH! Apparently LR just got shut down for money laundering  [smiley=sad.gif] :-[ >:( [smiley=sorry.gif]

This is why I'm beginning to seriously dislike online marketing

Well that's a bummer.  I was kind of exited about them.  I'm glad that it shutdown before I put any money in at least.  Sucks for everybody else though.

WHAT?! Holy :censored.
I had some money in there. I'm not sure how much, but I think it wasn't too much, since I spent it on Uinvest.

God :censored it....

Even Clixsense was using LR so it was a pretty popular program

moneymarketing wrote on 25^th May, 2013 at 4:26pm:

UGH! Apparently LR just got shut down for money laundering  [smiley=sad.gif] :-[ >:( [smiley=sorry.gif] This is why I'm beginning to seriously dislike online marketing

OMG! That's gonna cause some BIG time damages in the whole affiliate marketing industry...
I've just read the article and still can't digest it..: source

moneymarketing wrote on 25^th May, 2013 at 4:26pm:

This is why I'm beginning to seriously dislike online marketing

Listen, if you're going to stick around, try to do something constructive, no need for you to add on to the negativity.

dansbanners wrote on 26^th May, 2013 at 4:43pm:

Listen, if you're going to stick around, try to do something constructive, no need for you to add on to the negativity.

Well, he wasn't really intending to add to the negativity.. he just expressed himself, and it's ok.
This was a very sad and discouraging event. But I never quit believing that these programs that
go down every now and then should remind honest owners that the better and more stable way
to succeed in online marketing is to make really good planning and keep it clean and legit.

If some program is not fully stable or fully legit then it's almost destined to fail..
Sorry to say but this old phrase is so true.. : "If you fail to plan, you plan to fail..."

dansbanners wrote on 26^th May, 2013 at 4:43pm:

Listen, if you're going to stick around, try to do something constructive, no need for you to add on to the negativity.

Since when is telling the truth adding to the negativity?

I suppose we could all sit around and be Polyannas and pretend that this industry does not do a good job of hurting a lot of innocent poor people. I'm getting sick and tired of seeing people be burned for no other reason than that they want to do a little better in life and maybe help out their families

Please guys, it won't help anyone if we raise arguments over this.
We're all unique individuals and everyone faces such events differently.
Others take everything heavily and get angry while others are always calm and still try to think
positively even when disasters like this happen. Please respect each other's feelings/way of thinking.

We all know that it's an unstable industry and we can't depend our lives on it.
The only thing we can do is learn from our and others' mistakes and try not to repeat them.

Also let's not forget that it was a disaster (PTCBox) that got most of us here together, united and strong.

moneymarketing wrote on 26^th May, 2013 at 5:25pm:

Since when is telling the truth adding to the negativity? I suppose we could all sit around and be Polyannas and pretend that this industry does not do a good job of hurting a lot of innocent poor people. I'm getting sick and tired of seeing people be burned for no other reason than that they want to do a little better in life and maybe help out their families

Alright, perhaps what I said was a little harsh. If I had to do it again, I would have said something along the lines of:

"Try to focus on making a good use of the forum. And perhaps, maybe also cool it a little on the negativity".

Keep in mind that the forum was opened with the intention of trying to make a good use of it or to possibly help one another to grow or do some team work, etc.

Purporting a "I'm quitting internet marketing and perhaps others should do the same" ain't going to cut it. Just saying it constructively.

Still however it seems weird.. how can an electronic payment processor be used for money laundering since everything happens in co-operation with banks.. I mean whatever money comes from a bank account to libertyreserve and vice versa is still visible in the bank's files and accessible by the law. So how could it possibly be used like that?

It's not that hard to understand. There's no direct LibertyReserve bank account. Everything is made through exchangers. People transfer money to the bank account of the exchanger, which in turn transfers money from their LR account to the user's LR account.
Considering that these exchangers often work with a butload of currencies, it's impossible for that banks to determine if someone bought LR, Payza, Bitcoin, or whatever. Adding this to LR's confidentiality policies (that site had more security layers than an onion) and it makes a nice vehicle for money laundering.

I see.. but in that case doesn't this make every e-wallet a suspect of such actions?
How is PayPal, Payza, EgoPay etc. any different?

U.S. accuses currency exchange of laundering $6 billion



By Emily Flitter

NEW YORK | Tue May 28, 2013 6:28pm EDT

(Reuters) - U.S. prosecutors have filed an indictment against the operators of digital currency exchange Liberty Reserve, accusing the Costa Rica-based company of helping criminals around the world launder more than $6 billion in illicit funds linked to everything from child pornography to software for hacking into banks.

The indictment unsealed on Tuesday said Liberty Reserve had more than a million users worldwide, including at least 200,000 in the United States, and virtually all of its business was related to suspected criminal activity.

U.S. Attorney Preet Bharara called the case perhaps "the largest international money laundering case ever brought by the United States."

"Liberty Reserve has emerged as one of the principal means by which cyber-criminals around the world distribute, store and launder the proceeds of their illegal activity," according to the indictment filed in U.S. District Court for the Southern District of New York.

Officials said authorities in Spain, Costa Rica and New York arrested five people on Friday, including the company's founder, Arthur Budovsky, and seized bank accounts and Internet domains associated with Liberty Reserve.

The indictment detailed a system of payments that allowed users to open accounts under false names with blatant monikers like "Russia Hackers" and "Hacker Account."

more......


http://www.reuters.com/article/2013/05/28/net-us-cybercrime-libertyreserve-charges-idUSBRE94R0KQ20130528



:o

SolidSnake wrote on 27^th May, 2013 at 7:38pm:

I see.. but in that case doesn't this make every e-wallet a suspect of such actions? How is PayPal, Payza, EgoPay etc. any different?

Their transactions work in a different way. Most funding and payments in those methods is made directly to/from the banks and payment processors. A transaction is made to a Payza/Paypal account, through banking partners.
People have to verify their accounts, send credit card information, and so on in order to be able to make/receive payments above a certain amount.
When you fund with a credit card, for example, it the card statement is cleary mentioned that the money went to Paypal or Payza.

There's nothing like that in Liberty Reserve. It has a mostly decentralized funding/withdrawal platform. Everything works thorugh exchangers (which charge some comissions), which are many and dispersed around the globe.
Even though you can track a transaction to an exchanger, you don't know where it went afterwards.