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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 a part of various cybercrimes, like 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 referred to as FANCYCAT – had their fingers in several criminal scams including laundering money for dark0de reborn (http://www.enfchurch.com/forums/users/delberttafoya9 – http://www.enfchurch.com/forums/users/delberttafoya9/) 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 example ransomware must be disguised before they can be safely spent in the real world to purchase 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 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 wash the cash,” in accordance with Binance, the Cayman Islands-domiciled crypto exchange.
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