Liberty Reserve

Liberty Reserve was a Costa Rica-based centralized digital currency service that billed itself as the "oldest, safest and most popular payment processor, serving millions all around a world". Liberty Reserve was conceived as a "PayPal for the unbanked," allowing the 2.5 billion people without bank accounts or credit histories to participate in the modern economy. The site had over one million users when it was shut down by the United States government. Prosecutors argued that due to lax security, alleged criminal activity largely went undetected, which ultimately led to them seizing the service.