Binance exchange efforts in the fight against blockchain crime

BlogDecember 28, 2021

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In the 18th century, the Internet revolution changed the world forever. We can say that the Internet has greatly influenced the life of humanity. Indeed most of us would worry about wondering what life would be like without the Internet. The advent of the Internet was the premise for the next big revolution – blockchain technology. It promises to change the Internet in the future.

And the virtual currency bitcoin, born in 2009, has gradually become an increasingly hot topic in recent years. Although the potential of cryptocurrency and blockchain technology is enormous, it still has its downsides. And at the moment, ransomware is the factor that hinders cryptocurrencies. But several platforms have been working to limit its impact on cryptocurrencies. And cryptocurrency exchange Binance is taking the lead in doing this.

What is Ransomware?

Binance exchange efforts in the fight against blockchain crime
Ransomware is a type of malicious software

Ransomware is a type of malicious software. When it gets into the computer or any device, it will prevent the user from controlling his device. This malware can spread from one infected PC to another. The user will then have to pay a ransom to regain control of their device. This attack first happened in Russia in 2005. Since then, millions of such attacks have taken place globally. Attackers have targeted Bitcoin and other cryptocurrencies.

The WannaCry ransomware attack on Bitcoin with the largest scale ever in 2017. At that time, ransomware was once considered a global epidemic. This attack occurred over four days and affected about 200,000 people across nearly 150 countries. The attack perpetrators demanded more than $140,000 in Bitcoin ransoms from the victims.

Binance exchange takes responsibility for the future

Binance exchange efforts in the fight against blockchain crime
In 2020, Binance partnered with Ukraine’s Cyber ​​Police after detecting suspicious activity

The trend of using Bitcoin and other cryptocurrencies for illegal activities is increasing. Meanwhile, cryptocurrency exchanges are also working hard to prevent these illegal activities. And the leading example is Binance, one of the largest cryptocurrency exchanges in the world.

Binance has partnered with several law enforcement agencies and implemented advanced methods to keep commerce operations on the internet stable. The exchange also has a dedicated data science team to build scalable investigative and anti-fraud systems.

Binance uses tight controls between exchanges, legislation, and ongoing education to help weed out bad actors.

In 2020, Binance partnered with Ukraine’s Cyber ​​Police after detecting suspicious activity. This partnership has resulted in the arrest of a cybercriminal organization involved in the ransomware campaign. The organization has been accused of laundering more than $42 million in cryptocurrency. Criminals have taken advantage of the Internet’s loopholes to transfer cryptocurrencies illegally.

In the second case, Binance’s anti-money-laundering system detected suspicious activity being carried out on the exchange by adopting a two-pronged approach. The first is implementing advanced detection mechanisms and procedures to identify and bypass doubtful accounts. It will then work closely with law enforcement to take appropriate action to bring down criminal groups.

This incident involved laundering up to $500 million in ransomware attacks. This criminal group is called FANCYCAT. The group’s operations specialize in cyberattacks such as Cl0p and Petya. In addition, the group also has money laundering activities from activities on the dark web. The Cl0p ransomware attack is linked to well-known countries and universities. The ransomware attack targeted four South Korean companies and three American universities. For example, three of them are the famous Stanford School of Medicine, the University of Maryland, and California.

This incident caused Binance to shake hands with many regulators. Examples include the Ukrainian Cyber ​​Police, the Korean National Police Agency, the United States Law Enforcement Agency, the Swiss Federal Police Office, and the Spanish Civil Guard.  

Since then, Binance has adopted several other measures against criminal groups and their operating platforms.

Investiki.com

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