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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 associated with various cybercrimes, such as the notorious Clop ransomware scam.
Ukrainian police announced the arrest of people 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 darkode market – http://www.backpagenation.com/user/profile/94129 laundering funds, as opposed to 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 example ransomware need to be disguised before they can be safely spent in actuality to purchase goods. That’s because any funds tied back once again to criminal activity can end up being the target of forfeiture orders.
Even though money is already 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 to each other to scrub the money,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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