US issues sanctions for cryptocurrencies used in ransomware rescues

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).

  • US tries to curb ransomware with sanctions on cryptocurrency ransom payment
  • Biden signs executive order to combat cyber attacks in the US
  • Brazil registers , 2 billion cyber-attack attempts in the 1st half
  • 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.

    Want to catch up on the best tech news of the day? Access and subscribe to our new channel on youtube, Canaltech News. Every day a summary of the main news of the tech world for you!

    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.

    US against ransomware

    Joe Biden, current US President. (Image: Play/Gage Skidmore/Creative Commons)

    The US government announced last week that it would create sanctions to reduce the payment of ransoms for digital kidnappings with the use of cryptocurrencies. The country cites the difficulty in tracking movements as one of the main reasons for this decision.

    These new actions are the latest attempt by Joe Biden’s administration to curb ransomware attacks in the country. In May, the US president issued an order to improve digital security in the country, requiring all companies that offer security solutions to the government to adopt the same standards. In addition, the order also required suppliers to inform the contracting agencies of any gaps and failures found in their systems as soon as they were discovered.

    As reported by government advisors in May, the intention of the United States is to change from a position of responding to threats to one of operating in a way that avoids being a victim of them. The restrictions applied to Suex are another chapter of this initiative.

    Source: BleepingComputer, The Moscow Times

    Did you like this article?

    Subscribe your email on Canaltech to receive daily updates with the latest news from the world of technology. 2020 436816 436816 436816

    Related Articles

    Back to top button