After Liberty Reserve’s shutdown, small or big–time cybercriminals had to scurry for an alternative currency.
Some cybercriminals exclusively used Liberty Reserve (LR) as an e-currency to fuel their businesses, but its sudden shutdown took the underground scene by surprise. While many of them had a hard time believing this was indeed happening, others thought that LR would be back any time soon.
To respond to this event, some online crooks had to find an immediate alternative (which they did). Based on what we’ve been seeing around underground forums, these guys are now jumping onto the BitCoin bandwagon, as they feel it is a more secure way to buy and sell their products and services. However, there are still skeptics who doubt BitCoin’s security and think that it can still be taken down by law enforcement agencies.