U.S. Sanctions Russia-Based Cryptocurrency Exchange Over Ransomware

On Tuesday, the U.S. slapped sanctions on SUEX for its links with ransomware attackers on bitcoin exchange while Washington is seeking digital crime prevention.

The move follows cyberattacks and data violations targeting a large U.S. pipeline, a meat packaging business and the Microsoft Exchange email system as well as ransomware assaults in other industries, Moscow Times writes.

However, the U.S. Treasury notes that 40% of the known transaction history of the Exchange is related to “illegal actors.” It does not state whether SUEX was engaged in any of these events.

The announcement by the Treasury Department states, “Some virtual exchanges are being abused by actors of maliciousness, but others, such as SUEX, are facilitating illegal operations for their own unlawful profits.

The sanctions now prohibit any US platform asset and prevent Americans from utilizing SUEX. Because of these penalties, the platform is blocked.

In July, the US provided $10 million for online extort information overseas as it boosted its attempts to stop a significant surge in ransomware assaults.

This year, a slew of important Ransomware assaults have affected 1,500 companies, many of which are distant from the center of attention, such as a US oil pipeline, meat processor and software company Kaseya.

According to the Homeland Security Department, about 350 million dollars was paid to hostile Internet actors last year, 300 percent from 2019.

American authorities claim that many of the assaults come from Russia, even when they discussed the degree of State participation. Russia refused to be held accountable.