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US cryptocurrency exchange sanctions over ransomware likely not the…

The sanctions against Suex, aimed to cut ransomware gangs off from their revenue, sends a signal to other exchanges that support criminal activity.

Days after the Russia-linked BlackMatter ransomware gang hit an Iowa grain cooperative with a ransomware attack, the Biden administration unveiled its latest effort to address the ongoing ransomware crisis. In a move designed to cut off ransomware gangs from their financial rewards, the Treasury Department announced that its Office of Foreign Asset Control (OFAC) placed Czech Republic-registered but Russian national-owned and -operated cryptocurrency exchange Suex on its sanctioned entity list, formally called the Specially Designated Nationals and Blocked Persons (SDN) List.

Suex facilitates “financial transactions for ransomware actors, involving illicit proceeds from at least eight ransomware variants,” according to the announcement. Treasury says that over 40% of Suex’s known transaction history is associated with illicit actors, representing $370 million in illicit trading.

OFAC included on the SDN list a total of 25 bitcoin, ethereum, and tether addresses known to be controlled by Suex. These addresses received more than $934 million in various crypto assets overall. In addition, blockchain transactions tracking company Chainanalysis said that the Suex addresses have received more than $160 million in bitcoin alone from “ransomware actors, scammers, and dark net market operators” since the exchange was founded in 2018.

This article appeared in CSO Online. To read the rest of the article please visit here.

Photo by Jon Tyson on Unsplash

Articles

US sanctions Russian government, security firms for SolarWinds breach,…

The Biden administration places economic sanctions on Russian government organizations, individuals, and companies including several security firms.

The Biden Administration announced a robust, coordinated series of punitive measures to confront Russia’s growing malign behavior, including its massive hack of SolarWind’s software, attempts to interfere with the 2020 elections, and other destructive deeds against the US. The administration’s actions levy financial sanctions on the country and the companies usually involved in malicious cyber activity against the US. It also exposes previously withheld details about the Russian ruling regime’s digital and disinformation operations. In addition to the White House, the National Security Agency (NSA), Federal Bureau of Investigation (FBI), Department of Homeland Security, and Treasury Department all play a role in the complex set of actions against Russia.

First, President Biden signed a new sanctions executive order that strengthens authorities to “impose costs in a strategic and economically impactful manner on Russia if it continues or escalates its destabilizing international actions.” Under the EO, the Treasury Department is implementing multiple actions to target “aggressive and harmful activities” against the Russian government, including a directive that “generally prohibits US financial institutions from participating in the primary market for ruble or non-ruble denominated bond issued after June 14, 2021.”

This article appeared in CSO Online. To read the rest of the article please visit here.