Binance Collaborates with Argentina to Address Cybercrime

Binance teamed up with the Argentine police in a notable operation targeting a network of cybercriminals.

The operation was aimed at a sophisticated cybercriminal operation that utilized Brazilian 'Trojan' malware to breach company systems and illegally transfer funds from their accounts. These criminals operated from various IP addresses across Venezuela, Ecuador, Colombia, and the United States, indiscriminately targeting a wide range of entities, including businesses, laboratories, educational institutions, and even police departments such as the Buenos Aires Police Circle.

Following a thorough investigation and coordinated efforts, law enforcement agencies executed 64 simultaneous raids throughout Argentina, resulting in the arrest of 20 individuals on home soil. Additionally, international warrants have been issued for ten suspects, with nine of these flagged for Interpol's 'Red Alerts.'

This cybercrime syndicate is reported to have stolen an astonishing 1.5 billion pesos (roughly $170,000) and laundered the money by purchasing USDT cryptocurrency on Binance, subsequently transferring the funds to foreign wallets, highlighting the global reach of their illegal operations.

Both Binance and Lemon exchanges played instrumental roles in this initiative by providing valuable data from their records and deploying fraud specialists to assist cybercrime experts with data analysis.

The criminals' method involved infecting victims' computers with malware to enable unauthorized banking transactions. After illegally acquiring the funds, they quickly converted them into cryptocurrencies and funneled the money abroad, successfully dodging typical financial oversight.

Despite the intricate nature of the criminal activities involved, substantial advancements have been made, including the seizure of assets valued at around $170,000 and the identification of 70 individuals so far. Among those arrested is Francisco Javier Uribe Urdaneta, a Venezuelan individual operating from North America, who Argentine officials are actively pursuing for extradition.

This isn’t the first time Binance has extended its support to authorities in tackling illegal actions.

As one of the leading cryptocurrency exchanges, Binance has demonstrated its commitment to safeguarding the integrity of the digital asset ecosystem by teaming up with Dutch law enforcement to halt the flow of millions of euros tied to a high-profile exit scam associated with a gambling platform, as detailed in a Binance blog post from May 8, 2024.

The Fiscal Information and Investigation Service (FIOD) in the Netherlands recently apprehended a suspect for fraud, embezzlement, and money laundering linked to a purported scheme involving the gambling site ZKasino. Despite claims of providing returns within just a month, scrutiny of the blockchain evidence suggested otherwise. FIOD The proactive engagement of Binance’s Financial Crime Compliance (FCC) and Investigations unit was vital after receiving alerts from the community. By activating their compliance frameworks, anti-money laundering detection systems, and expert analytics, they were able to trace transactions essential for authorities to catch the suspect and prevent further illegal fund flows.

Beyond its recent success in the Netherlands, Binance has been pivotal in confronting a variety of security issues and serious criminal endeavors on a global scale, addressing concerns such as terrorism financing, child exploitation, intellectual property theft, and fraudulent investment schemes. Over the past year, Binance has promptly responded to over 58,000 inquiries from law enforcement agencies and provided about 120 training sessions aimed at enhancing the skills needed to combat financial crime.

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Zhauhazyn is a skilled copywriter with a background in sociology. Entranced by the complex dynamics of Science and Technology Studies, she avidly explores the world of Web3 with a deep passion for blockchain technology. Airdrops Calendar .