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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 small grouping of money launderers associated with various cybercrimes, such as the notorious Clop ransomware scam.
Ukrainian police announced the arrest of people and dark0de reborn – https://dosug-sochi.ru/user/profile/176060 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 referred to as FANCYCAT – had their fingers in numerous criminal scams including laundering money for dark web operators as well as ransomware peddlers.
Follow the (digital) money
Analogous with drug dealers, the funds extracted from victims through criminal activity such as for example ransomware must be disguised before they could be safely spent in the real world to get goods. That’s because any funds tied back to criminal activity can become the target of forfeiture orders.
Even if money has already been in digital form there’s a have 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 together to clean the money,” based on Binance, the Cayman Islands-domiciled crypto exchange.
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