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Thursday, February 29, 2024

Binance and cyber police arrest ransomware fraudsters

The Binance crypto exchange played an important role in the recent arrests of cyber criminals in Ukraine.

According to reports , a group of highly active ransomware scammers in Ukraine, with the assistance of Finance, has been caught by police in Ukraine. They are said to be part of a gang that is up to mischief under the name FANCYCAT. The gang wreaked havoc around the world in 2021 by hacking and extorting money from multiple victims. The people who have now been arrested were responsible for paying out the wallets and laundering money for the people behind them.

The local police were helped by the Binance crypto exchange during the investigation . Access was made possible through a collaboration between Binance and the cyber office of the Korean National Police, the Swiss Federal Police, US law enforcement agencies, the Spanish Guardia Civil and the Ukrainian cyber police. Much of the criminal activity took place on the dark web. The investigation found that FANCYCAT is responsible for more than $ 500 million in damage. Also Coinbase was instrumental in the past the authorities offenders: in to put a stop to.

Hacker gang FANCYCAT still active after arrest
Binance emphasizes that reputable exchanges are often used as a stopover to launder stolen assets. Of course, efforts are made to prevent cyber criminals from using their infrastructure. According to the police report, the investigators’ work is far from over. The police will continue to try to dismantle FANCYCAT. A new attack followed a few days after the arrests. Hackers: inside the gang announced that they had stolen from a new victim and are now demanding a ransom.

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