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Liberty Reserve Has Been Shut Down

Discussion in 'Display Media Buying' started by Viktori, Jun 26, 2013.

  1. Viktori

    Viktori Affiliate affiliate

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    It seems Liberty Reserve has been shut down and seized by the FBI. I think it's a shame because I always liked using Liberty Reserve, probably even more than I like using Paypal, since it afforded me to participate in small investment and money game sites. Also, I had a few dollars in my account but I guess that's the FBI's property now. :( I'm just wondering what happened to all the online earning programs that depended almost solely on Liberty Reserve as a payment method, like LR gambling sites, and also I would like to ask our members here what your thoughts are on this and if you experienced any losses with this recent event.
     
  2. Voluum
  3. rage35

    rage35 Affiliate affiliate

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    I've heard the news that LR has been shut down but I haven't lost anything from here because before this issue comes, I already withdrawn all of my money in LR. I am just lucky though a lot of online earners aren't that fortunate enough to get their money back. I don't know if they if the court will refund those stolen moneys back to the owners but I guess, it's forever gone.
     
  4. Spintax

    Spintax Affiliate affiliate

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    They really should've seen this coming. Next on the chopping block is BitCoin. The US Feds have really been on roll, overstepping their authority worldwide. My hope is that BitCoin will be able to fight them off like Kim Dotcom who may very well be looking at a $Billion dollar settlement from the US govt.
     
  5. Viktori

    Viktori Affiliate affiliate

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    I wasn't aware that this was the case with Kim Dotcom. If I read that correctly, the government will soon owe him a billion dollars? Good for him, I say. I think the government should really find more practical solutions than just randomly shutting down sites that get too big. I sure hope Bitcoin will remain safe, but at least if they are able to shut it down we'll still have Litecoin. Although, I'm not really sure how well that compares.
     
  6. Spintax

    Spintax Affiliate affiliate

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    Viktori, I'm sure that Kim and his worldwide team of attorneys hopes that everything works out in their favor and they walk away with that kind of money -- but truth be told, I doubt if the Feds will let let his case go to trial. He'll probably walk away from this with a $XXX million dollar settlement to make this all go away. He's VERY smart to keep this in the international press so that they can't just make HIM go away (if you know what I mean).
     
  7. thebrad

    thebrad Affiliate affiliate

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    Really i never used liberty reserve even though i heard about it.. why was it shut down is it because it was home to like gambling sites etc?
     
  8. Canadian Lover

    Canadian Lover Affiliate affiliate

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    I have never used Liberty Reserve, but I have seen that it was pretty much the only payment processor that did not ban a buch of HYIPs that turned out to be scams, and now the FBI is shutting them down. If that happens, it does stimulate thought as to why that is.
     
  9. Viktori

    Viktori Affiliate affiliate

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    I know, it's the fact that they played so well with HYIPs and many other similar programs that I liked using their service so much. I'd often funnel in my spare earnings towards that account and gamble it away in hopes of turning some change into a bigger amount. Hopefully I find a new processor soon, because I really liked playing that game.
     
  10. wasi90lk

    wasi90lk Affiliate affiliate

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    I saw it coming.

    I knew Liberty Reserve would get shut down, because many criminals were using it for their dirty activities.
     
  11. Viktori

    Viktori Affiliate affiliate

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    I wasn't too aware of it before it got shut down, and I certainly didn't expect a whole payment processor to get shut down, although I have to say I wasn't all that surprised either. With the amount of HYIPs and other shady companies that they worked with, it was probably inevitable. I now wonder what will happen to all the HYIPs and various other less mainstream earning sites.
     
  12. oluwatosin

    oluwatosin Affiliate affiliate

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    Its sad to hear lots of people who made legitimate xash ended up losing their money. I heard its due to some fraudulent acts,tax evasion and all. I think Paypal is more secured. Its advisable to always transfer cash to bank at intervals. Don't leave in the account
     
  13. rage35

    rage35 Affiliate affiliate

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    There are still some payment processors that HYIP sites will use but HYIP will really decline this time because of the lost of this major payment processor. Libertyreserve is their major payment processors used in HYIP so the lost of it affects everything when it comes to online investment.
     
  14. sardonicone

    sardonicone Affiliate affiliate

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    Considering the corruption that was rife with Liberty Reserve, I had seen the writing on the wall ages ago.

    I feel terrible for all the legitimate people who were using it perfectly normally - though I think many were
    smart and pulled up stakes once the rumbling started. At least I hope they did, I don't have any figures to back
    that up. I know I left once I saw the storm clouds on the horizon.
     
  15. Nymph

    Nymph Affiliate affiliate

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    I've known for some time that Liberty Reserve was being used by quite a few unethical individuals as a workaround for payments, but I also used them for some game sites just to test them out. I don't think I left any amount in an account (I hope not) but I also feel sorry for everyone who did lose large sums of money just because one of the founders were arrested and, finally, his assets for the site seized. In a way, it may have been a good thing, but I think more legitimate people were hurt than crooks.
     
  16. Majid Adibi

    Majid Adibi Affiliate affiliate

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    I was never interested in anything other than PayPal/Bank transfer or Payza ewallets. I guess I'm the lucky one here!
     
  17. Viktori

    Viktori Affiliate affiliate

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    This worries me a little, as I love gambling on those sites, and it's a big part of the reason why I loved using Liberty Reserve so much. Hopefully the industry finds a similar main processor soon, because I'd hate to see them go even if they are very scammy.
     
  18. rage35

    rage35 Affiliate affiliate

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    It's quite easy to make money on these kind of sites even if they are scam. I know that they are scam but I still joined these sites before because if you invest early on them, you will gain profit but if you invest late, you will get nothing. They have some other options to choose like Perfectmoney which is somewhat the same as in LR and Solidtrustpay as well.
     
  19. JBMedia10

    JBMedia10 Affiliate affiliate

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    Wow, I had no idea the Liberty Reserve has been seized by the FBI. I never used them too much, but I've always heard good things about them and never really had any problems the few times I've used them. I didn't even know that it was used with online gambling sites.
     
  20. Viktori

    Viktori Affiliate affiliate

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    I'll be looking into these other options, thanks! I know, HYIPs are a lot of fun if you don't take them too seriously. I'm hoping to get back into it once I get acquainted with one of these other processors you mentioned.



    It took me by surprise as well, they were great to use and I'll miss my LR account. :( I think they were mainly used for gambling sites, since I don't think there were many retail shops that accepted it. I'm guessing it was mostly used to earn from scams and gamble, which is probably why they attracted so much bad attention.
     
MI