Binance collaborated with the Argentinean government to dismantle a cybercrime ring that used Trojan software to steal money.
Binance and the Argentinean government cracked down hard on a cybercrime ring.
The operation was intended to target an advanced cybercrime ring that had been using Brazilian “Trojan” software to steal money from businesses’ accounts. The con artists, using IP addresses ranging from the United States to Venezuela, Ecuador, and Colombia, hit every conceivable industry, including businesses, universities, and even the Buenos Aires Police Circle.
Following extensive investigations and coordinated operations, authorities in Argentina conducted 64 simultaneous raids, resulting in the domestic arrest of 20 suspects. Interpol’s “Red Alerts” have placed nine of the ten individuals on international arrest warrants.
Claiming to have laundered 1.5 billion pesos (about $170,000) in stolen funds, the hacking group allegedly used Binance to buy USDT cryptocurrency. The subsequent transfer of cash to wallets abroad underscored the international scope of the criminal activity.
Key players in the operation were the Binance and Lemon exchanges, which supplied useful data from their systems and sent fraud department professionals to work with cybercrime specialists to analyze the data.
The criminals’ standard operating procedure included planting malware on victims’ computers in order to carry out fraudulent financial activities. The criminals quickly converted the stolen funds into cryptocurrency and sent them overseas to evade conventional banking oversight.
Despite the intricate nature of the illegal operations, we have confiscated assets worth over $170,000 and identified 70 people thus far, demonstrating substantial progress. The Argentine government is aggressively seeking the extradition of Francisco Javier Uribe Urdaneta, a Venezuelan citizen working out of North America, who is one of the detained suspects.
Binance has previously assisted law enforcement in the fight against illegal activity.
Binance, a well-known cryptocurrency exchange, showed its dedication to upholding the integrity of the digital asset space on May 8th, 2024, when it collaborated with Dutch authorities to stop the transfer of millions of euros linked to a high-profile exit scam involving a gambling platform.
The Dutch Fiscal Information and Investigation Service (FIOD) has detained an individual in connection with an alleged plan to use the online gambling site ZKasino. The accusations against the individual include fraud, embezzlement, and money laundering. Investigations into the blockchain setup contradicted the promises of returns within 30 days.
The Financial Crime Compliance (FCC) and Investigations team of Binance played a crucial role in taking precautionary measures after notifying the community. They tracked transactions crucial for authorities to catch the criminal and stop the transfer of illegal monies by using their compliance processes, anti-money laundering detection systems, and analytical abilities.
In addition to its recent successes in the Netherlands, Binance has been instrumental in combating various international security threats and major criminal activities, including the financing of terrorism, the exploitation of children, the theft of intellectual property, and deceitful investment schemes. Binance has held over 120 training sessions to improve competence in fighting financial misbehavior and has quickly replied to over 58,000 queries from law enforcement authorities in the last year.