- Street: 40 Place Stanislas
- City: Nancy
- State: West Virginia
- Country: France
- Zip/Postal Code: 54100
How data analytics generated 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 involved with various cybercrimes, like 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 laundering funds, Darkode Reborn – http://propanbergaskarimun.com/pangkalan-solar/kecamatan-meral-barat 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 dark web operators in addition to ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, the funds extracted from victims through criminal activity such as for instance ransomware have to be disguised before they may be safely spent in the real world to purchase goods. That’s because any funds tied back to criminal activity can end up being the target of forfeiture orders.
Even when money is in digital form there is 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 together to clean the money,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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