Liberty Reserve is off!

AsstModerator

FPA Forums and Reviews Admin
Messages
5,575
Quick summary...

LR's website went offline sometime on Thursday or Friday.

The owner, Arthur Budovsky, is being held by the authorities in Spain. Costa Rican and US authorities also are involved in the investigation.

The status of client funds inside of LR accounts is not fully known at this time.


If anyone wants to leave them a review...

Liberty Reserve reviews and ratings
 

quicksilver

Private, 1st Class
Messages
78
Asst. Mod.. with all due respect, a review doesn't quite help in this case. It looks like the FBI seized the domain and possibly the funds too. Its very very sad that legit people got mixed up in this mess. There are rumors that some traders with over 100k in LR funds got hit.

While I empathize with the situation, I think it was only a matter of time for LR to be busted.

The biggest lesson to be learned is to never leave substantial amount of funds in an ewallet (or for that matter in a bank either, given the conditions).. and always do your research. LR was never regulated by any financial authority, which made it easy for just about anyone to open an LR account (unlike Skrill, for example which is regulated and also offers a min. deposit guarantee of up to 1000GBP) thus attracting people with questionable intentions.

I doubt if any of the funds will be returned, which take months if not years.

Maybe someone at FPA should published a well researched article into choosing an ewallet along with other credentials so traders in the future won't make the same mistake.
 

FxMaster

Lt. Colonel
Messages
9,022
It was ****ing shocking news for me I was too much worried but Hotforex saved me. I have an account with HotForex and deposited via Liberty Reserve. I did a withdrawal over the weekend but found that liberty was shut down and got very worried. HotForex sent my funds to my MB account. That's that best broker in the world!
 

Hartono

Recruit
Messages
2
Who is the fastest broker that announce this news to their clients? and all I know is HotForex, or is there other one that you know?
 

forexgraph

Recruit
Messages
2
Lucky me, few days before FBI shutting down the site, I already cash my balance into my bank account, but now I am using Skrill that more regulated and can fund or withdraw direct into my bank account.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,575
Asst. Mod.. with all due respect, a review doesn't quite help in this case. It looks like the FBI seized the domain and possibly the funds too. Its very very sad that legit people got mixed up in this mess. There are rumors that some traders with over 100k in LR funds got hit.
Reviews are one way to document just how bad something is. I was very surprised at how few reviews PFG Best got after making so much client money go away, so thought I'd post the link up front.

Maybe someone at FPA should published a well researched article into choosing an ewallet along with other credentials so traders in the future won't make the same mistake.
Good idea.
 

vanov

Recruit
Messages
8
Who is the fastest broker that announce this news to their clients? and all I know is HotForex, or is there other one that you know?
Armada Markets did it. They didn't receive deposit and withdrawal request from Liberty Reserve 2 days before LR closed and allow all clients to withdraw their fund through another payment processor. I don't know why but I think they are lucky.

additional Information.

based on information I get from the forums (If I'm not wrong):
Agea, Masterforex : allow their clients to withdraw to another payment processor
FBS : allow their clients to withdraw to another payment processor (max 100 USD)
Instaforex : still wait and see
 
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