Binance joined Argentine security forces in a significant crackdown against a cybercriminal syndicate.
#Binance collaborated with the Argentine security forces in an effort to combat a cybercriminal organization.This is part of our ongoing commitment to helping authorities identify bad actors in the space.Read more https://t.co/AAjPbpkEmW
— Binance (@binance) May 13, 2024
The operation targeted a sophisticated cybercriminal outfit that employed Brazilian “Trojan” malware to infiltrate company computers and siphon funds from their accounts. Operating from various IP addresses in Venezuela, Ecuador, Colombia, and the U.S., the fraudsters spared no sector, targeting companies, laboratories, schools, and even law enforcement institutions like the Buenos Aires Police Circle.
Following meticulous investigations and coordinated efforts, law enforcement officials executed 64 simultaneous raids across Argentina, apprehending 20 individuals domestically. International arrest warrants have also been issued for ten suspects, with nine flagged for Interpol’s “Red Alerts.”
The cybercriminal organization reportedly absconded with a staggering 1.5 billion pesos (equivalent to approximately $170,000), which they laundered by purchasing USDT cryptocurrency via Binance. The funds were subsequently transferred to overseas wallets, highlighting the global nature of the illicit enterprise.
Both Binance and Lemon exchanges played crucial roles in the operation, providing helpful information from their databases and deploying specialists from their fraud departments to collaborate with cybercrime experts in analyzing the data.
The perpetrators’ modus operandi involved infecting victims’ computers with malware to facilitate fraudulent banking operations. Once the funds were illicitly obtained, they were swiftly converted into cryptocurrencies and funneled abroad, evading traditional financial scrutiny.
Despite the complex nature of the criminal activities, significant progress has been made, with assets totaling approximately $170,000 seized and 70 individuals identified thus far. Among the apprehended suspects is Francisco Javier Uribe Urdaneta, a Venezuelan national operating from North America, whose extradition is actively sought by Argentine authorities.
It is not the first time Binance helped authorities combat illicit activity.
Binance, a leading cryptocurrency exchange, Illustrated its dedication to preserving the integrity of the digital asset realm by partnering with Dutch authorities to freeze the flow of millions of euros linked to a notable exit scam connected with a gambling platform, as highlighted in the Binance blog post released on May 8th, 2024.
The Fiscal Information and Investigation Service (FIOD) of the Netherlands recently apprehended a suspect on charges of fraud, embezzlement, and money laundering related to an alleged scheme associated with the gambling platform ZKasino. Despite assurances of returns within a month, inquiries into the blockchain configuration indicated otherwise.
The proactive involvement of Binance’s Financial Crime Compliance (FCC) and Investigations unit was pivotal following notification from the community. Utilizing their compliance protocols, anti-money laundering detection systems, and analytical prowess, they conducted transaction tracing essential for authorities to apprehend the suspect and halt the flow of illicit funds.
Aside from its recent achievements in the Netherlands, Binance has played a crucial role in tackling diverse security challenges and significant criminal activities on a global scale, encompassing areas such as terrorist funding, exploitation of children, theft of intellectual property, and fraudulent investment schemes. Over the past year, Binance has swiftly responded to more than 58,000 inquiries from law enforcement agencies and facilitated approximately 120 training sessions to bolster proficiency in combating financial misconduct.
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