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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 several money launderers associated with various cybercrimes, like the notorious Clop ransomware scam.
Ukrainian police announced the arrest of an individual and the takedown of infrastructure related 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 called FANCYCAT – had their fingers in several criminal scams including laundering money for Darkode Reborn – https://pathta.jp/user/profile/16502722 dark web operators along with 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 may be safely spent in real life to purchase goods. That’s because any funds tied back again to criminal activity can end up being the target of forfeiture orders.
Even if money is in digital form there is a need 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 together to wash the amount of money,” according to Binance, the Cayman Islands-domiciled crypto exchange.
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