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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 small grouping of money launderers involved with various cybercrimes, including the notorious Clop ransomware scam.
Ukrainian police announced the arrest of an individual and darkode market – http://fridayad.in/user/profile/877623 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, 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 example ransomware must be disguised before they could be safely spent in real life to buy goods. That’s because any funds tied back to criminal activity can end up being the target of forfeiture orders.
Even when money is already in digital form there is a have 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 scrub the cash,” according to Binance, the Cayman Islands-domiciled crypto exchange.
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