Treasury Sanctions Crypto Firm Over Ransomware Ties
By Ben Kochman (September 21, 2021, 10:08 PM EDT) -- The U.S. Department of the Treasury on Tuesday blacklisted a Russia-based company that allegedly helped cybercriminals launder extortion payments, in a first-of-its-kind move that aims to make ransomware attacks less profitable.
Treasury officials added SUEX, a company that allows customers to convert digital currency into cash or other forms of assets, to the government's sanctions list, in the agency's first such designation of a digital currency platform.
SUEX "facilitated transactions involving illicit proceeds" from criminals using at least eight types of ransomware, a type of malware that encrypts victim computer systems, rendering them unusable, while criminals demand payment in digital currency, U.S. authorities...
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