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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 several money launderers associated with various cybercrimes, 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, rather than being behind the creation of the ransomware.
The group – also called FANCYCAT – had their fingers in several criminal scams including laundering money for darkode market – http://headlinecrimes.com/community/profile/ellieqhz6829095/ 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 ransomware have to be disguised before they may be safely spent in the real world to buy goods. That’s because any funds tied back to criminal activity can become the target of forfeiture orders.
Even though money is already in digital form there’s a need certainly 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 scrub the money,” based on Binance, the Cayman Islands-domiciled crypto exchange.
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