Liberty Reserve Founder Fights Extradition to the US


Liberty Reserve founder says the FBI asked him to hand over source code

40-year-old Arthur Budovsky, the founder of the Liberty Reserve virtual currency, is doing everything he can to avoid being extradited to the US. He’s currently in Spain, where he was arrested in November 2013 on US charges.

According to the Associated Press, Budovsky, who has Ukrainian origins, has told a Spanish court that US authorities started going after him in 2011 after he had refused to give the source code for Liberty Reserve to the FBI.

He says he refused to hand over the code because it would have been like giving away the secret formula for Coca Cola. The US allegedly also wants him because he gave up his US citizenship, so he’s considered a “traitor.”

He admits being the creator of Liberty Reserve. However, he claims to have sold his share in the business in 2007 and only worked as a consultant for the company since then.

Budovsky has highlighted that the virtual currency’s purpose was to serve as a secure platform for financial transactions. Liberty Reserve has always collaborated with authorities, he said.

Since he doesn’t face any charges in Spain, the man will be released if the court refuses to extradite him.

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