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The Treasury Department on Tuesday issued its first sanctions against a cryptocurrency exchange as part of a series of actions targeting the use of digital currencies in ransomware attacks.
Tuesday’s sanctions will block all transactions involving the Suex cryptocurrency exchange and U.S. entities. According to the Treasury Department, about 40 percent of all Suex transactions involve illegal activity. The department’s Office of Foreign Assets Control (OFAC) is also issuing a new warning that it may impose new sanctions on cryptocurrency exchanges, cyber insurance companies and other financial institutions that facilitate payments. by ransomware.
“Ransomware and cyber attacks victimize businesses large and small across America and pose a direct threat to our economy,” Treasury Secretary Janet Yellen said in a statement Tuesday. “We will continue to crack down on malicious actors. “
These new measures are the Biden administration’s most important step to curb the wave of ransomware attacks that only became more frequent during the COVID-19 pandemic. In May, one of the largest fuel delivery pipelines in the United States, Colonial Pipeline, was taken offline after a cyberattack that demanded ransom. Colonial paid over $ 4 million to reactivate the system. This payment was partially recovered by the American authorities.
Last year, the Treasury Department issued two advisories warning businesses against paying ransom-demanding cybercriminals. The department reiterated this position on Tuesday, saying it would update its ransomware guidelines and issue a clear statement opposing ransomware payments.
“As cybercriminals use increasingly sophisticated methods and technologies, we are committed to using the full range of measures, including sanctions and regulatory tools, to disrupt, deter and prevent ransomware attacks,” said Yellen said in a statement Tuesday.
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