The US Treasury Department applied the country’s first restrictions on cryptocurrency houses called exchanges, which are brokerages specialized in the intermediation of transactions. These locations are responsible for ensuring security in the trading of values and assets. The affected institution, Suex, is accused of facilitating ransom moves for criminals involved in cyber kidnapping (ransomware).
Often, as criminals responsible for ransomware attacks demand payment in Bitcoin or other types of cryptoactives, redemptions are sent through these institutions. Suex is a exchange with connections to Russia, the source country of many digital hijackings.
The US agency’s decision aims to destabilize one of the main channels used by criminals responsible for ransomware attacks to collect ransom payments from their victims. According to the US Treasury Department, the redemptions, only in 2020, generated a combined loss of 400 million, more than four times the amount recorded in 2019.
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The Office of Foreign Asset Control, part of the US Treasury Department, it also issued a statement today highlighting the risks of sanctions for exchanges who have links to malicious online activities.
According to the statement issued by the American agency, more than 30% of Suex’s known transaction history is from illicit actions. As a result of the restrictions applied in the exchange, the American population can no longer use Suex’s services and any assets of the institution that are under US jurisdiction are blocked.