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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 group of money launderers a part of various cybercrimes, like the notorious Clop ransomware scam.
Ukrainian police announced the arrest of individuals 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, dark0de reborn – https://jioads.in/user/profile/9159 rather than being behind the creation of the ransomware.
The group – also referred to as 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 for instance ransomware need to be disguised before they could be safely spent in real life to buy goods. That’s because any funds tied back once again to criminal activity can become the target of forfeiture orders.
Even though money is in digital form there’s a need certainly to launder it, with abusing exchanges being one of the 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 amount of money,” according to Binance, the Cayman Islands-domiciled crypto exchange.
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