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How data analytics led to 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, 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, darkode Market – http://cgi.www5a.biglobe.ne.jp/~t-masa/g_book.cgi/contact.php?g2_returnname=album/contact.php 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 along with ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, the funds extracted from victims through criminal activity such as for instance ransomware have to be disguised before they could be safely spent in the real world to get goods. That’s because any funds tied back once again to criminal activity can end up being the target of forfeiture orders.
Even if money is already in digital form there’s 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 to one another to scrub the cash,” based on Binance, the Cayman Islands-domiciled crypto exchange.
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