Binance Helps Authorities Arrest Clop Ransomware Operators

The well-known cryptocurrency exchange Binance has played a significant role in the recent arrest of members of a cybercriminal group responsible for spreading the Clop ransomware. Representatives from Binance assisted in identifying and apprehending the suspects.

Binance, which refers to the Clop operators as FANCYCAT, claims that these cybercriminals laundered money obtained not only through ransomware attacks but also from other illegal activities.

In a blog post, Binance explained that its in-house security team contributed to an international investigation, which ultimately led to the arrest of group members using Clop in cyberattacks.

According to Ukrainian law enforcement, the criminals managed to inflict financial losses totaling $500 million. To launder the proceeds, the perpetrators used cryptocurrency exchanges.

“These criminals are attracted by the liquidity of reputable exchanges, the variety of digital asset offerings, and well-developed APIs,” Binance representatives wrote.

Furthermore, Binance discovered that the FANCYCAT group was not only involved in laundering money related to Clop attacks but was also implicated in similar activities involving Petya and other malicious operations. This information was crucial in helping law enforcement track down the criminals.

It is worth noting that a new batch of stolen confidential data, apparently belonging to a new Clop victim, recently appeared online. This suggests that ransomware operations may be continuing even after the arrests.