US Treasury Department Sanctions Cryptocurrency Platform Suex For Facilitating Ransomware Transactions

The Treasury Department of the United States strategizes to penalize the exchanges of cryptocurrency that facilitate ransomware attacks. The initial among these companies would be Suex (a Czech Republic-based venue for trading).

Suex to undergo sanctions

As per the recent report, Wally Adeyemo, the “Deputy Treasury Secretary,” accused Suex of facilitating activities containing illegal profits from a minimum of eight ransomware alternatives. Additionally, he stated, 40% of the history of the known transactions of the exchange is connected with bad actors. He disclosed that the castigation of Suex for the alleged role thereof in cyberattacks and laundering ransoms in this respect would be the initial such activity on behalf of the Foreign-Assets-Control office against a venue specified for crypto trading. He suggested that exchanges like this are very significant in enabling the attackers to carry out their purposes and extract profits.

After the latest advancement, it would not be possible for Suex to carry out its business contracts with other such entities within the United States anymore because the authorities have banned Americans from having contracts with such penalized companies. The Treasury department of the U.S also declared the latest guidance according to which the targeted individuals and businesses in such ransomware attacks should report the happenings and completely cooperate with the law enforcement most possibly and quickly. It further mentioned that the U.S. government is resolutely against the payment of cyber extortion or ransoms demands.

The Deputy-National-Security-Advisor, Anne Neuberger, made a comparison between the bodies protecting themselves in response to cybercrime and those people who buy insurance concerning their homes. She further elaborated that several such apprehensions are eliminated, and additionally, various incentives are given for reporting the respective problems.

Cryptocurrency to stand against ransomware attacks

Cyberattacks appear to be spreading with time in the U.S. as up to $400M has been witnessed as an accumulative amount that vanished in ransomware attacks around 2020, which was four times bigger than 2019’s. In June, JBS-USA-Holdings (one among the prominent meat producers) became a target of REvil (an infamous team), which demanded a ransom of about $11M in Bitcoin. It had been decided by the firm to fulfill the demand at the gang’s violation of the firm’s online security and blockage of the necessary information thereof.

Neuberger assured that a “ransomware-task-force” had been allocated for such malicious operations. The objective of this force will be to know about the utilization of cryptocurrencies regarding such attacks, along with preventing the other nations from assisting in such operations.

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