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| US attacks cryptocurrency platforms to fight ransomware attacks |
As part of a series of measures against the use of digital currencies in ransomware attacks, the US Treasury has imposed initial sanctions on cryptocurrency platforms.
The sanctions ban all transactions involving the Suex cryptocurrency platform and US companies.
According to the Ministry of Finance, about 40% of all Suex transactions registered in the Czech Republic are illegal activities.
Since its creation in 2018 as a place to transfer and monetize cryptocurrency, Suex has transferred hundreds of millions of dollars in illegal cryptocurrency. Just consider bitcoins over $160 million.
Suex is prohibited from being placed on the Treasury's list of citizens and specially designated individuals who are prohibited from interacting with Americans.
The US government's Office of Foreign Assets Control also issued a new warning that further sanctions could be imposed on the operation of platforms, cyber insurance, and other financial institutions that facilitate payments for ransomware attacks.
"Ransomware and cyber attacks have attacked businesses large and small in the United States and pose a direct threat to our economy," US Treasury Secretary Janet Yellen said in a statement. We continue to fight malicious actors.
These new measures are the most important step for the Biden administration to stem the wave of ransomware attacks. This situation is becoming more and more common during the coronavirus pandemic.
In May, the Colony Pipeline, one of the largest fuel transportation pipelines in the United States, was shut down. This is after an online ransomware attack.
Most importantly, Colonial Pipeline paid more than $4 million to reboot the system. This amount has been partially recovered by the US authorities.
First Sanctions Against Cryptocurrency Platforms
Last year, the Treasury Department warned companies not to pay ransom to cybercriminals. The government has now reiterated this stance by updating the ransomware policy and issuing a clear statement against the ransomware attack.
"As cybercriminals use increasingly sophisticated methods and technologies," Yellen said. We are committed to implementing a full range of measures, including sanctions and regulatory tools. This is done to disable, prevent and prevent ransomware attacks.
In addition, the Biden administration has asked companies to report extortion attempts and better protect themselves from extortion.