Law enforcement in Ukraine has announced today the arrest of a cybercrime gang who ran 20 cryptocurrency exchanges where they laundered more than $42 million in funds for criminal groups.
The group, which authorities said had three members, has been operating from Ukraine's Poltava region since 2018. According to Ukrainian officials, the group has advertised its services on underground criminal forums, where they offered to convert cryptocurrency from criminal activities into fiat (real-world) currency for other groups, helping criminals launder their ill-gotten profits.
Now we understand how it is easy for those ransomware gang to convert their loot. And probably this is one reason why there are a lot of ransomware suddenly popping up to victimized unsuspecting victims because those scammers know that it will be easy for them to cash out to fiat through this crypto exchange run by another group of criminals.
It is interesting to note that according to this report, there is a Binance project, called "Bulletproof Exchanger," which aid in the arrest of those criminal gang.
"We kept running into exchangers like these in our day to day investigative work and historically rogue cashout points have played an important role in the underground criminal economy (i.e. BTC-E), which is why we decided to devote research efforts to study this problem," it said.
The article though didn't name the 20 exchanges that supposedly run by these groups. It will be interesting to see the names.
It's good to see that those criminals are being taken one by one and which the data in one, the obvious next target should be the ransomware gang itself.
What can you say about Binance pet project though?
https://www.zdnet.com/article/ukraine-arrests-gang-who-ran-20-crypto-exchanges-and-laundered-money-for-ransomware-gangs/ 
