Liberty Reserve Scam! It's not secure anymore, perhaps planning to go down?

It's very unfortunate to inform, that perhaps LR too has gone to the paths of Paypal. Even worse, that paypal provides us the information of account suspension issues and what can we do about them which LR didn't. I used to consider liberty reserve the best for safe transactions, but it's not anymore. Here is the step-by-step story of the whole fiasco:

1. Around 5 days ago, a lot of people I know online, started getting their accounts locked. And the number kept increasing every day. Each new day, more accounts are getting locked - till now also.

2. In the process, my account with hefty funds also got locked.

3. Upon contacting LR, they said that there is some maintenance work going on, that's why I am facing the problem and told me to wait for 12 hours to get it resolved.

4. I waited for 12 hours, then another 12, then another and another. It's been more than 4 days now and I thought of contacting them once again. The resulting conversation was SHOCKING. I hadn't expected such lousy and shady answers from LR. Have a look yourself:

So the summary is:
1. My account and funds are locked without any warning or reasons.
2. The chat support guys first told it was because of some maintenance, now they are clueless about it.
3. Compliance department will contact me about this issue.
4. But the funniest part is, that there is no ETA for that when they will contact me.
5. It was my legitimate account, with all the genuine and real details. I am ready to provide any documents, information, or whatever things they ask - but I just got no such offer.

So the big question is, has LR decided to eat up money like this? Even till now, many more of my clients are getting their accounts locked up every day. Just a caution to you guys - anything can happen with you. So if you have any big money stuck in there, just don't take risk and move that out. I am not trying to scare anyone, but better safe than sorry.

End of a beginning or beginning of an end?

 

Here is what those idiots told me on LR chat support

 

ohhh same happened with us from 7 days, but now we think everything is good

 

hi, does LR unblock yr account ???

 

LR is locking accounts of big fishes i guess..or i should say the ones who maintain money pool in accounts for heavy transactions

 

All currencies like these pull the plug in the end, simply because they can and nobody will really come after them or even know how.

 

LR is an eCurrency that has withstand modern days online challenges.

Please no one should go there and mess things up.

 

so what about now? are still have problems with your LR acc.. ? are you able to refund or w/d from your LR Acc..? pls share. tks.

 

So sad, LR is stil continuing limit many account bcos of any leakage in his script/system, this currency is susceptible for now,
there is analyzes that you need to know about this , below :
1. In around March There are leakage on LR script, so someone can do some reset code action on some LR's account without knowing email's user including mine.
2. LR Staff hasn't fixed or patch it, but only blocked the account by limited the account.
3. More account have been got reset code, and then LR Try new script to patch, but the script isn't working well ,so many account got login blocked
4. They announce to close their site for maintenance from Aug 20 - 22 ,and add 4 days like they say on the blog, They need to check the unsuccesfull script.
5. Aug 27, LR is up again but the story about limited account still continue..more victims report about their limit account

It hopeless to use this e-currency further more because they never solved user problem that caused by themselves...

 

my account also suddenly block also loss my 150$ in it now wait from support team still not reply back me before 5 days

 

i would suggest you to please wait.

they are still unblocked the accounts.

LR support is lame, so the only way is to wait and watch..

obviously they would'nt end their big business.

 

they only play around w/ "credit card funding system" rather than fix the unblocked/limit accounts, beware my friends

 

Up until today (10.09.2012) our Liberty Reserve account functionality is limited for no reason without any prior notice or further explanations. We are a respectful electronic currency exchange business and have never encountered with any kind of problems related to our e-currency accounts. All our emails to LibertyReserve support are being ignored. The account API is mysteriously blocked since 22.08.2012, so it is almost 20 days our business is not functioning properly because of this and still have pending operations that we can not complete because of this. Our business is losing revenue every day and the most awful part is absolutely 0% information on our case –no explanations or further instructions – SIMPLY NOTHING!

 

Are they limiting accounts still?