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How data analytics resulted in ransomware-linked money laundering bust
The Binance cryptocurrency exchange has explained how advances in data analytics helped it track down a small grouping of money launderers associated with 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 referred to as FANCYCAT – had their fingers in several criminal scams including laundering money for darkode reborn – http://govindayoga.com/comment/html/?91709.html dark web operators along with ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, the funds extracted from victims through criminal activity such as for instance ransomware must be disguised before they may be safely spent in real life to get goods. That’s because any funds tied back to criminal activity can become the target of forfeiture orders.
Even when money has already been in digital form there’s a have to launder it, 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 together to clean the money,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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