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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 a part of various cybercrimes, dark0de reborn – https://www.mingletag.com/ads/darkode-reborn-experiment-good-or-dangerous/ including 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, rather than 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 in addition to ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, the funds extracted from victims through criminal activity such as ransomware have to be disguised before they may be safely spent in actuality to buy goods. That’s because any funds tied back once again to criminal activity can become the target of forfeiture orders.
Even though money is already in digital form there’s a need to launder it, with abusing exchanges being one of 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 amount of money,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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