Binance Assists Ukrainian Authorities To Arrest Cybercriminals Laundering $42M

The leading cryptocurrency exchange Binance has assisted Ukrainian authorities to arrest a cybercrime organization that allegedly stole and laundered $42 million from various ransomware attacks across the world.

Binance And Ukraine Partner To Stop A Cyber Gang

Last year, the exchange launched a new initiative, dubbed Bulletproof Exchanger aiming to identify and track hubs of malicious activity involving cryptocurrencies or companies within the ecosystem. Upon discovering such activities, Binance partners with authorities to take them down.

A recent collaboration with Ukrainian law enforcement agencies led to the arrest of a group of cybercriminals allegedly responsible for several ransomware attacks and complex money-laundering operations. The organization has stolen over $42 million from multiple such attacks and extortions.

Although the report hasn’t disclosed the group’s name, it reads that all involved suspects are Ukrainian citizens arrested in June 2020 after being active for more than two years.

Binance has also reassured that the Bulletproof Exchanger project will continue functioning, trying to assist authorities with taking down illegal organizations exploiting the digital asset field.

“Fighting money laundering, ransomware, and other malicious activities is of critical importance of the well-being of the [cryptocurrency] community and industry growth.” – a company spokesman said.

It’s also worth noting that in November 2019, Binance signed a memorandum of understanding (MoU) with Ukraine’s Ministry of Digital Transformation to cooperate on establishing clear regulations regarding cryptocurrency usage in the country.

Binance Helps UK Authority

In September last year, Binance assisted the Cyber Crime Unit of the UK’s Metropolitan Police Service with the investigation into a Bulgarian suspect responsible for creating and selling phishing scripts that targeted at least 53 different services.

According to the statement from Binance Chief Compliance Officer Samuel Lim, the suspect was extradited from Bulgaria to the UK, where he faced trial at the Southwark Crown Court in London. He pleaded guilty to five counts of fraud and received a sentence of nine years in custody.

The illegal operation allegedly affected approximately half a million victims and resulted in fraud totaling about £41.6 million ($55 million).

“Binance has always prioritized security, and we are always working to protect our customers from bad actors such as this individual. Staying true to that, we are constantly refining and advancing the technology that we use to keep our platform secure, which helps ensure that we continue to set and maintain industry standards.” – Lim asserted.