A major cybercriminal group that was operating in the Poltava region of Ukraine since the year 2018 has successfully been arrested thanks to the Cyber Police of Ukraine and Binance the leading cryptocurrency exchange by trading volume in the world. Both Binance and Ukrainian Police have collaborated with each other to identify and take down this gang of criminals.
The gang was responsible for laundering over $42M
Operating since 2018 in Ukraine, this gang of cybercriminals had three members in it and they have operated a lot of ransomware attacks since that time and have laundered an amount of more than $42 million so far from people for ransomware gangs.
Reportedly, there were 20 cryptocurrency exchanges being run by this group of cybercriminals and they had used these exchanges to steal and launder this large amount of money as announced by the Law Enforcement of Ukraine.
Ukrainian Police and Binance tracked the gang
Working under the Bulletproof Exchanger Project, the leading cryptocurrency exchange Binance collaborated with the Cyber Police of Ukraine to track down this gang. According to the blog post of Binance, the Binance Sentry team helped the Ukrainian Police to analyze and detect an illicit activity operated by the cybercriminal group. This led them to track down this criminal organization.
“Suspicious activity detected and analyzed by the Binance Sentry team, in collaboration with the Cyber Police of Ukraine, led to the identification and arrest of a cybercriminal organization responsible for a ransomware campaign and the laundering of more than $42 million in cryptocurrencies over the last two years.”
As a part of its initiative, the Binance exchange has successfully completed its mission in collaboration with the Ukrainian Law Enforcement authorities. The company says that they plan to further their investigation and security research on cryptocurrency-related malicious activities by “applying big data techniques”.
Also read:Binance said that the company will continue to help authorities in the global fight against criminals and claimed, “we are confident that projects such as “Bulletproof Exchanger,” as well as our ongoing partnerships with security and blockchain analytics firms, will empower us on this mission and lead to the dissolution of additional criminal groups for an overall safer community.”
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