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, like the notorious Clop ransomware scam.
Ukrainian police announced the arrest of an individual and darkode market 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 referred to as FANCYCAT – had their fingers in several criminal scams including laundering money for 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 must be disguised before they could be safely spent in actuality to purchase goods. That’s because any funds tied back once again to criminal activity can become the target of forfeiture orders.
Even though money has already been in digital form there is a need certainly 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 amount of money,” based on Binance, the Cayman Islands-domiciled crypto exchange.
