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How data analytics generated ransomware-linked money laundering bust
The Binance cryptocurrency exchange has explained how advances in data analytics helped it track down several money launderers a part of various cybercrimes, such as the notorious Clop ransomware scam.
Ukrainian police announced the arrest of an individual and the takedown of infrastructure linked to the ‘Clop’ransomware operation earlier this month.
Binance’s statement confirms that those arrested were cashing out and laundering funds, rather than being behind the creation of the ransomware.
The group – also called FANCYCAT – had their fingers in numerous criminal scams including laundering money for dark web operators as well as ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, the funds extracted from victims through criminal activity such as ransomware have to be disguised before they may be safely spent in actuality to purchase goods. That’s because any funds tied back to criminal activity can end up being the target of forfeiture orders.
Even when money has already been in digital form there is a need to launder it, dark0de reborn – http://business-loans.website/blogs/viewstory/188087 with abusing exchanges being one of many main techniques in play.
“Blockchain analysis shows a network of money launderers living inside macro exchanges which deposit and withdraw to one another to scrub the money,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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