Blockchain is one of the most important innovations of the last thirty years, dating to the time the internet came into the scene. Blockchain has brought about a revolution in the finance industry, creating new ways of conducting businesses without total dependence on traditional financial institutions.
The new technology aims to democratize not just the financial sector but the information industry, empowering people to have complete control over their assets. However, this new technology isn’t without its downsides, as it has given way to ransomware attacks, which are plaguing the industry.
Ransomware attacks aren’t peculiar to the crypto sector, but it is now closely associated with it because of its decentralized nature. With digital currencies becoming popular, they have become the most preferred way to extort money from users.
Binance Steps Up Efforts To Mitigate The Menace
Though crypto attacks reached an unprecedented height in 2021, one of the most significant ones occurred in 2017. The Wanna Cry attack, as it was called, was designed in such a way that it would affect several computer networks simultaneously. This attack affected hundreds of thousands of people in several countries. The attack demanded a ransom in Bitcoin, which the victims eventually paid.
Efforts to curb these illegal activities are growing, with the likes of Binance joining in the project. The leading crypto exchange and blockchain firm has stepped up efforts to protect users assets and trace the movements of malicious actors.
The firm has collaborated with law enforcement units to implement its actions and effectively monitor trades performed on its platform for the traders’ security. The crypto firm stepped on the pedal further by forming a special security unit to monitor fraudulent acts and scale up investigations.
The Exchange Reiterates Its Commitment To Fish Out Scammers
Binance thinks that solid laws and education will fish out the malicious players in the exchange. Thanks to its solid security and AML monitoring protocols, the exchange has efficiently tackled suspicious activities in the ecosystem.
As part of its Exchanger Project implemented mid last year, Binance apprehended an alleged crypto hacker in the space in collaboration with Ukraine’s Cyber Police. This occurred after the exchange detected an illegal activity on the platform. The arrest eventually led Binance and the security personnels to a cybercriminal syndicate believed to be involved in significant ransomware attacks that had occurred during the period.
Binance also apprehended another cybercriminal group Fancycat accused of involvement in the launder of $500M. According to reports, the organization conducted activities on the dark web and facilitated some transfers there.
Binance has taken meaningful steps to curb criminal groups within the space. To date, the exchange is securing partnerships with several security agencies to clean the space and facilitate adoption of cryptocurrency.