According to the latest figures from the United Nations, global money laundering transactions reach 2 2 trillion a year. A small portion of that huge amount goes through the digital resource ecosystem and in the process the responsible actors are working to further reduce it. As the world’s leading cryptocurrency exchange, Benin has taken it upon itself to protect the security and safety of the virtual finance world. Here’s how it helps legal authorities to launder money from cybercriminals.
$ 500 million FANCYCAT ring broken
In June 2021, Benson announced to the public that his security team had taken part in an international investigation into a cybercrime ring. The agency has collaborated with global authorities, including the Ukraine Cyber Police, the Cyber Bureau of the Korean National Police Agency, the US Law Enforcement, the Spanish Civil Guard, the Swiss Federal Office of Police and many more. Cyberbang, also known as FANCYCAT, carries out multiple criminal activities: distribution of cyber attacks; Operate high risk exchangers; And money laundering from dark web operations and high-profile ransomware attacks. In total, legal authorities estimate that Fansycat is responsible for more than a million dollars in damages, along with ransomware and other cybercrime.
Video of the arrest from Ukraine Cyber Police:
Studies have shown that in most cases involving illicit cryptocurrency flows coming to the exchange, the exchange is not harboring the actual criminal group, but rather the stolen profits are being used as intermediaries for London. To understand this diagnosis, the Benson Security team has applied a two-pronged approach to the FANCYCAT investigation. An AML identification and analysis program detects suspicious activity and expands suspicious clusters, and once they have mapped out the entire suspicious network, Binance works with private sector blockchain analysis companies to analyze on-chain activity. Based on this, Binance found that the group was involved not only with the Laundering Ransomware Attack Fund, but also with other illegally accumulated funds. This resulted in FANCYCAT being identified and eventually arrested.
Binance’s Bulletproof Exchanger Project
In August 2020, Benson announced to the public that his team had identified and analyzed suspicious activity that led to the identification and arrest of a cybercriminal organization responsible for ransom operations and more than $ 42 million in cryptocurrency laundering over the past two years. . Beyonc নেয় took part in the operation in collaboration with UNRICS cyber police.
This improvement occurred when Binance allocated additional resources to its security researchers in early 2020 to explore ways to launder criminals through “bulletproof exchangers” ক্রcryptocurrency platforms often operate as cryptocurrency operations linked to financial crime and other frauds. Bulletproof exchangers are well known for their flexible Non-U-Customer (KYC) and Anti-Money Laundering (AML) policies. Data analysis has shown that these exchangers, which are often located in areas of application or lack of control, have a high proportion of their transaction volume associated with high-risk segments such as ransomware attacks, exchange hacks and darknet-related activities.
These examples show that benevolence means business in helping the authorities in the global fight against money laundering. It has already committed its resources, manpower and skills to this cause, leading to the arrest of criminals responsible for the loss of hundreds of millions of dollars. And as the world’s leading cryptocurrency exchange, it uses its big data capabilities, industry partnerships and more to help combat cybercrime.
To learn more about what the world’s top cryptocurrency exchange is doing to protect and safeguard the ecosystem, follow the Binance Blog.
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