This is just sad.
The creator of Liberty Reserve pleaded guilty Friday to laundering hundreds of millions of dollars through his digital currency exchange.
Arthur Budovsky, 42 years old, is the fifth defendant to plead guilty as part of the Liberty Reserve case. The plea comes three days before he was scheduled to begin trial in Manhattan federal court.
Budovsky admitted Friday that he specifically designed Liberty Reserve to help users conduct illegal transactions anonymously and laundered more than $250 million.
Budovsky pleaded guilty to one charge of conspiracy to launder money and faces a maximum of 20 years in prison.
Liberty Reserve had more than a million users world-wide.
The company made its financial transactions "anonymous and untraceable" through its own digital currency, similar to bitcoin.
The idea that any current electronic currencies are "anonymous and untraceable" is absurd.