June 27, 2022

United States Treasury to Sanction Crypto Platform Suex for its Alleged Role in Ransomware Transactions

2 min read

The United States Department of the Treasury strategies to punish cryptocurrency exchanges that assist in ransomware attacks. The first such sanctioned company would apparently be the Czech Republic-based trading location – – Suex. Suex to Face Sanctions

According to a current report, Deputy Treasury Secretary Wally Adeyemo alleged Suex of assisting in operations involving “illicit profits from a minimum of eight ransomware versions.” On top of that, he added that 40% of the exchange’s known deals history is connected to prohibited stars.

Adeyemo exposed that sanctioning Suex for its supposed role in laundering ransoms for cyberattacks would be the first such action by the Office of Foreign Assets Control versus a cryptocurrency trading venue. He opined that exchanges of this type “are important to opponents’ ability to extract earnings.”

Wally Adeyemo

Wally Adeyemo, Source: US news Following the new advancement, Suex would not have the ability to work with US entities any longer as Americans are generally prohibited from handling such approved companies.

The United States Treasury Department likewise announced new assistance on which victims and associated companies need to report ransomware attacks and “fully cooperate with police as quickly as possible.” It explained that the American government is firmly versus paying cyber ransoms or extortion demands.

In her turn, Anne Neuberger – – Deputy National Security Adviser – – compared entities that secure themselves against cybercrime to motorists and individuals who acquire insurance coverage for their houses:

“It incentivizes us to drive more securely. You get a variety of moving offenses, your insurance coverage goes up. Enter mishaps, it increases. Similarly, when you look at our house insurance coverage, in order to get home insurance coverage you have to have a smoke alarm or have an alarm system.”

Crypto to combat Ransomware Attacks

Cyberattacks look like a growing problem in the United States. According to the US Treasury Department, ransomware payments amounted to more than $400 million in 2020 alone – – more than 4 times that of 2019.

In June, one of the largest meat producers – – JBS USA Holdings – – came down with the notorious group– REvil– which requested $11 million in bitcoin as ransom. The business chose to pay the demand after the gang breached its online security and locked necessary information.

Quickly after, the Biden administration went over a rather different technique to taking on comparable attacks by tracing digital assets sent to hackers. Back then, Neuberger validated that the White House had actually set up a ransomware job force. She added that its mission would be to block those destructive operations, confront and trace the use of cryptocurrencies in attacks, and prevent other countries from harboring hackers.

Featured Image Courtesy of Wikidata