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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 several 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 related 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 several 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 for example ransomware need to be disguised before they may be safely spent in real life to buy goods. That’s because any funds tied back once again 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 certainly to launder it, darkode market – http://smartcalltaxi.kr/index.php?mid=board&document_srl=690998 with abusing exchanges being among the main techniques in play.
“Blockchain analysis shows a network of money launderers living inside macro exchanges which deposit and withdraw to each other to wash the money,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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