Ukraine police and Binance dismantled a cyber gang behind $42M money laundering

Ukrainian authorities arrested the members of a cybercrime gang who ran 20 cryptocurrency exchanges involved in money laundering.

Police in Ukraine announced the arrest of the members of a cybercrime gang composed of three individuals who ran 20 cryptocurrency exchanges used in money laundering activities. According to the Ukrainian officials, the cryptocurrency exchanges allowed crooks to launder more than $42 million in funds for other criminals.

The group has been operating since 2018, on multiple cyber criminal forums they were offering to convert cryptocurrency resulting from cybercriminal activities into fiat.

The men were arrested in June, now the Binance cryptocurrency exchange and Ukraine Cyber Police shared details about the investigation in a joint report.

The cybercrime gang collaborated with operators behind malware operations, especially gangs who spread ransomware.

Police conducted searches of the suspects’ residences and offices and seized more than $ 200,000 worth of computer equipment, weapons, ammunition and cash.

The cyber agents found digital evidence of criminal activity of the suspects on the seized equipment.

Full article on https://securityaffairs.co/wordpress/107277/cyber-crime/money-laundering-ukraine-arrests.html

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