United States regulators are sanctioning the cryptocurrency exchange Suex for its alleged involvement with ransomware actors.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) says the exchange, which is based in Russia and the Czech Republic, had a hand in facilitating financial transactions with proceeds stemming from at least eight ransomware variants.
According to the OFAC, analysis of known Suex transactions indicates that more than 40% of the exchange’s activity was associated with illicit actors.
Reports first surfaced last week that the Biden administration intended to hit unnamed ransomware targets with sanctions.
And at a White House briefing earlier this month, Deputy National Security Advisor for Cyber and Emerging Technologies Anne Neuberger said that Americans and businesses must take active steps to prevent being victimized by ransomware attacks, even as the government rolls out regulations.
“We continue to see successful attacks occurring against vulnerabilities for which there are patches, so we want to use the opportunity of this pressroom and the attention that it gets to ask Americans, to ask organizations, to [take] the steps they need to… be safe online, even as the government focuses on its efforts.”
The FBI reports there was a nearly 21% increase in reported ransomware cases and a 225% increase in associated losses from 2019 to last year, according to the OFAC.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
The post Biden Administration Sanctions Crypto Exchange Due to Alleged Ransomware Involvement appeared first on The Daily Hodl.
