FBI Seizes 9 Crypto Exchanges Used to Launder Ransomware Payments
Cyber Security Threat Summary:
In a recent announcement from the FBI, the agency stated it carried out an operation alongside with the Virtual Currency Response Team, the National Police of Urkaine, and legal prosecutors in the country to seize several cryptocurrency exchange sites that were being used by scammed and cybercriminals, including ransomware actors to launder money from victims
In total, nine websites and their servers were seized as part of the operation:
“The seized sites allowed users to anonymously convert cryptocurrency into harder-to-trace coins to obscure the money trace and help cybercriminals launder their pilfers without being traced by law enforcement. Most of these platforms offered users live support and instructions in Russian and English, covering a broad spectrum of cybercriminal communities” (Bleeping Computer, 2023).
Security Officer Comments:
The development comes after the FBI, together with Europol and the German police, seized the 'ChipMixer' cryptocurrency mixing service in March 2023, which was used by hackers, ransomware gangs, and scammers to launder their proceeds. Furthermore, in April 24, 2023, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) also sanctioned brokers who supported North Korean cryptocurrency laundering networks.
Law enforcement efforts like these are important as they send a mesage to cybercriminals that such illicit activities are illegal and are taken seriously by authorities. The recent take down of the nine cryptocurrency sites is a crucial step in preventing cybercriminals including ransomware groups from laundering money from victims, ultimately halting their operations for the time being.
Link:
https://www.bleepingcomputer.com/ne...xchanges-used-to-launder-ransomware-payments/