Politico | US Treasury unleashes cryptocurrency sanctions to fight ransomware
- The new sanctions will block all trades involving Suex – a cryptocurrency exchange operating in Russia – and US entities
- The move comes amid a rise in ransomware attacks, including the Colonial Pipeline hack that shut down one of the largest fuel delivery sources in the US
This story is published in a content partnership with POLITICO. It was originally reported by Sam Sabin and Victoria Guida on politico.com on September 21, 2021.
The US Treasury Department on Tuesday announced a crackdown on the use of digital currencies in ransomware attacks and other financial crimes, including its first-ever sanctions against a crypto exchange.
Treasury said about 40 per cent of the transactions at the sanctioned cryptocurrency exchange operating in Russia – Suex – involved illicit activities. The new sanctions will block all trades involving Suex and US entities. The department also plans to identify other exchanges tied to illegal schemes.
Treasury on Tuesday also said it was updating ransomware guidance for victims to include a clear statement advising companies not to pay any ransom demanded by hackers.
Treasury announced the moves amid a rise in ransomware attacks, in which cyber criminals demand payment – often in the form of digital currency – from their victims.
