Ukrain Detains Crypto Money Laundering Operation With the Help of Binance

Ukrain Detains Crypto Money Laundering Operation With the Help of Binance

Police in Ukraine recently arrested three men with ties to a criminal group which was accused of crypto money laundering $42 million. The same police unit involved in the crackdown revealed that it was greatly aided by Binanance in the investigation, the same Binance which is the world’s biggest crypto exchange firm.

A report from the cyber police of Ukraine revealed that they had been working close with Binance ever since early 2020 in a combined effort to bring the defendants to justice. The effort was based largely on algorithms that were able to analyse transaction linked to the cyber crime.

In a statement connected to the case, Binance said

“Suspicious activity detected and analysed by the Binance Sentry team, in collaboration with the Cyber Police of Ukraine, led to the identification and arrest of a cyber criminal organisation responsible for a ransomware campaign and the laundering of more than $42 million in cryptocurrencies over the last two years,”

The criminal group was exposed n June of this year, with reports that the scam had continued for two years. The defendants are currently facing an 8 year prison sentence.

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