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How data analytics led to 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, like 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, as opposed to 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 darkode reborn – https://dnd.darkwindguild.com/index.php/Darkode_Market_Help instance ransomware must 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 when money is already in digital form there’s a need to launder it, 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 cash,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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