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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 small grouping of money launderers associated with various cybercrimes, such as the notorious Clop ransomware scam.
Ukrainian police announced the arrest of people and dark0de reborn 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, rather than being behind the creation of the ransomware.
The group – also known as FANCYCAT – had their fingers in numerous criminal scams including laundering money for dark web operators in addition to ransomware peddlers.
Follow the (digital) moneyAnalogous with drug dealers, the funds extracted from victims through criminal activity such as ransomware have to be disguised before they can 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 when money has already been in digital form there is a have to launder it, with abusing exchanges being one of the 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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