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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 a group of money launderers a part of various cybercrimes, including the notorious Clop ransomware scam.
Ukrainian police announced the arrest of individuals and Darkode reborn – http://carvin.electricshockmusic.com/guestbook/ 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 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 example ransomware need to be disguised before they could be safely spent in the real world to get goods. That’s because any funds tied back again to criminal activity can become the target of forfeiture orders.
Even when money has already been in digital form there’s a need certainly 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 clean the money,” according to Binance, the Cayman Islands-domiciled crypto exchange.
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