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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, including the notorious Clop ransomware scam.
Ukrainian police announced the arrest of individuals 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, 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 Darkode Market – http://www.backpagenation.com/user/profile/94129 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 have to be disguised before they can be safely spent in real life to get goods. That’s because any funds tied back to criminal activity can become the target of forfeiture orders.
Even though money is in digital form there is a need certainly 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 one another to clean the cash,” based on Binance, the Cayman Islands-domiciled crypto exchange.
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