The United States Department of the Treasury intends to punish cryptocurrency exchanges that aid in ransomware attacks. According to reports, Suex, a trading platform based in the Czech Republic, would be the first company sanctioned.
Suex to Face Sanctions
A recent report claims that Wally Adeyemo, Deputy Treasury Secretary, accused Suex of helping to facilitate operations that involved “illicit proceeds of at least eight ransomware variations.” He also claimed that 40% of the known transactions history of the exchange was linked to illegal actors.
Adeyemo stated that Suex was sanctioned for its role in laundering ransoms to cyberattacks. This would be the Office of Foreign Assets Control’s first action against a cryptocurrency trading site. He stated that these types of exchanges are crucial to attackers’ ability extract profit.
Wally Adeyemo Source: US news
Suex will no longer be allowed to do business with US entities following the latest development. Americans are generally prohibited from doing business with sanctioned companies.
The US Treasury Department announced new guidelines on how victims and businesses affected by ransomware attacks should report them and “fully cooperate” with law enforcement. It also stated that the US government opposes paying ransoms and extortion demands.
Anne Neuberger, Deputy National Security Advisor, compared entities that are protected against cybercrime with drivers and those who buy insurance for their homes.
It encourages us to drive safer. Your insurance will go up if you get into a lot of moving violations. It goes up if you get into an accident. Similar to home insurance, you must have a smoke detector and an alarm system to obtain home insurance.
Crypto to Fight Ransomware Attacks
Cyberattacks are a growing problem in America. The US Treasury Department estimates that ransomware payments amounted to more than $400m in 2020, more than four times the amount of 2019.
JBS USA Holdings, the largest meat producer in the country, was attacked by REvil. They demanded $11 million in bitcoin ransom. After the gang broke into its online security and had locked important information, the company agreed to pay the ransom.
The Biden administration began discussing a different strategy to combat similar attacks, which involved tracing the digital assets of hackers. Neuberger confirmed that the White House had established a ransomware taskforce. Its mission was to stop malicious operations, trace and confront the use of cryptocurrency in attacks and prevent other countries harboring hackers.
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