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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 a group of money launderers involved with various cybercrimes, darkode reborn – http://www5c.biglobe.ne.jp/~mokada/cgi-bin/g_book.cgi/rk=0/rs=1by0rhonztb9ctdys9y74zvozmm- such as the notorious Clop ransomware scam.
Ukrainian police announced the arrest of individuals and 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, 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 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 ransomware must be disguised before they can be safely spent in real life to purchase goods. That’s because any funds tied back 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 together to scrub the cash,” according to Binance, the Cayman Islands-domiciled crypto exchange.
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