Binance Assists Ukraine Police in Busting Money Laundering Ring
A criminal crypto operation was busted by the Ukrainian police with the help of the internal data watchdog of crypto exchange Binance. Earlier this year, their internal data security team assisted Ukraine in dismantling an ongoing criminal cryptocurrency laundering operation. The actions were revealed to the public earlier this week, even though the bust itself took place in June. At least $42 million were laundered by the criminal operation in tokens from a wide array of sources. There was no official name of the group of Ukrainian hackers, but they did distribute ransomware and also assisted hackers in washing their ill-gotten cryptocurrencies.
A press released was made by Binance in which the exchange disclosed that their TRM labs and ‘Sentry’ division assisted the police in isolating the transactions and tracking down the three people who were running the entire illegal operation.
Crypto Hacking Can Help in Making Lots of Money
Earlier this year, a Twitter hack turned out to be successful in making away with approximately $100,000 of the investors’ money. However, during the hack, the BTC address that was used by the hackers was blacklisted by Coinbase. According to the crypto exchange, more than 1,000 BTC transactions were blocked and this would have provided the scammers with a whopping $280,000. There were a total of 14 customers who managed to send money to the said BTC address. Thanks to the quick actions of the cryptocurrency exchange, they were able to prevent most of the funds from being sent to the hackers’ BTC address.
Scammers Got Swift Justice
There was a time when cryptocurrency was like the wild west where scams and frauds were a common occurrence due to lack of regulation. Nevertheless, it is becoming tougher for cybercriminals to launch scams successful in the cryptosphere these days. For instance, the Twitter hack was only successful in its early stages, but it didn’t take long to bring three people into custody who were suspected of being behind the hack. The IRS, US Secret Service, FBI and Florida police arrested Graham Clark, a 17-year-old living in Tampa, Florida on 31st July. He was suspected by the police of being the group’s leader.
The bust was made around two weeks after the attack, which didn’t give the three a lot of time to divest the funds they had stolen. The whole trio is facing jail time and fines. Clark will be charged as an adult and will face at least 30 felony counts, not to mention that he will be further investigated by both Federal and State authorities.
With the regular development of the cryptocurrency markets, the risk to reward ratio associated with washing tokens, scamming and other black hat operations will probably become riskier for people. Law enforcement authorities have joined hands with some of the most renowned cryptocurrency exchanges in the world and they are making a great deal of effort to provide real results when it comes to bringing these scammers and fraudsters to justice to make the crypto market a safer safe.
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