Active Stocks
Fri Apr 12 2024 15:57:45
  1. Tata Steel share price
  2. 163.50 -1.00%
  1. NTPC share price
  2. 362.00 -0.32%
  1. ITC share price
  2. 430.10 -1.56%
  1. HDFC Bank share price
  2. 1,518.90 -1.10%
  1. State Bank Of India share price
  2. 766.75 -1.57%
Business News/ News / World/  Biden sanctions cryptocurrency exchange over ransomware attacks
BackBack

Biden sanctions cryptocurrency exchange over ransomware attacks

Biden administration accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity

The officials said the administration is also updating guidance on sanctions to encourage victims of ransomware attacks to share information with law enforcement (Photo: Bloomberg)Premium
The officials said the administration is also updating guidance on sanctions to encourage victims of ransomware attacks to share information with law enforcement (Photo: Bloomberg)

WASHINGTON : The Biden administration on Tuesday will unveil sanctions against a cryptocurrency exchange over its alleged role in enabling illegal payments from ransomware attacks, officials said, part of a broader bid to crack down on the growing threat.

The Treasury Department accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity.

"Exchanges like Suex are critical to attackers' ability to extract profits from ransomware attackers," Treasury Deputy Secretary Wally Adeyemo said in a call with reporters previewing the announcement. "Today's action is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks."

Hackers use ransomware to take down systems that control everything from hospital billing to manufacturing. They stop only after receiving hefty payments, typically paid in cryptocurrency.

Attacks are increasing in scale, sophistication and scope, the Treasury said. In 2020 ransomware payments reached over $400 million, more than four times the level in 2019, Anne Neuberger, deputy national security adviser for cyber, told reporters on the call.

The officials said the administration is also updating guidance on sanctions to encourage victims of ransomware attacks to share information with law enforcement.

The Treasury said an analysis of known Suex transactions shows that over 40% of them involved illicit actors. While some exchanges are exploited by bad actors, others like Suex, "facilitate illicit activities for their own illicit gains," the agency added in a release.

The sanctions, included in a 2015 executive order targeting cyber criminals, block Suex's access to all U.S. property and prohibit Americans from transacting with the company.

Suex OTC is a private company based in the Czech Republic, according to Refinitiv's Eikon.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 Sep 2021, 08:17 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App