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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 involved with various cybercrimes, such as the notorious Clop ransomware scam.
Ukrainian police announced the arrest of people 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 dark0de reborn – http://issaibrahim.com/blog/home/the-aristocrats-oil-on-canvas-24×36-2016/ 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 for instance ransomware need to be disguised before they could be safely spent in the real world to purchase goods. That’s because any funds tied back to criminal activity can end up being the target of forfeiture orders.
Even when money is already in digital form there is 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 wash the money,” based on Binance, the Cayman Islands-domiciled crypto exchange.
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