Ukraine arrests $42m ransomware gang with Bullet Proof Exchanger Project

1453

The law enforcement department of Ukraine arrested a hackers gang maintaining 20 crypto currency exchanges meant to launder money worth $42 million in Bitcoins to cyber criminals across the world. The arrests were made in June 2020 as a part of ‘Bullet Proof Exchanger’ project put forward by Binance where the government has taken an initiative to bust up the underground criminal economy by tracking down rogue cash-out points and high risk exchange services.

According to a media update available from the Cryptocurrency exchange Binance and Ukraine Cyber Police on a joint note, the campaign is aimed to identify online criminal hubs by tracking and arresting the threat actors running hacking groups spreading ransomware, crypto-mining malware and other social engineering attacks that can yield huge sums of money with little investment in cyber crime.

Cybersecurity Insiders has learnt that the arrests were made from Poltava region after a hacking group advertised their 2018 founded business on a public forum on a recent note.

TRM Labs that is headquartered in California, United States and which is into the business of block chain analysis is reported to have helped crypto exchanger Binance in detecting the fraud and track down of criminals by analyzing their IP addresses and details of their modus operandi. The Ukraine police were then handed over the details that led to the arrests in June 2020 and were made public early today.

“Going forward, our Bulletproof Exchanger Project will continue to nab criminals who are into money laundering, ransomware spread and other malicious activities”, Binance says.

Note- Binance claims to be a leading crypto currency exchange platform with over 100 BTC supported for deposit and withdrawal activity. However, the headquarters of this company is in Hong Kong, China and so most of its prospective clients are skeptical in investing more in Bitcoins as it is being run and maintained by Peoples Republic of China.

Ad
Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

No posts to display