US sanctions Crypto Exchange accused of targeting ransomware criminals

September 22, 2021 at 9:10 a.m. ET
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Hello. The Biden administration blacklisted a Russian-owned cryptocurrency exchange for allegedly helping launder ransomware payments, an unprecedented move meant to deter future cyber extortion attacks by disrupting their primary means of profit, reports the Wall Street Journal.

Plus: C-suite cooperation is needed to beat cybercrime.

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Collaboration is the key

Playing the blame game wastes time. Once these two operations are united, you will proactively detect threats without pointing fingers.

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Disrupt ransomware

Crypto exchange associated with ransomware payment laundering is blacklisted: SUEX OTC targeting marks the first time the Treasury Department has sanctioned a digital currency platform. The Treasury Department has also issued new warnings to the private sector that companies risk penalties and fines for paying ransoms or processing such transactions, especially if they do not report these activities to authorities.

Tuesday’s actions are the Biden administration’s latest effort to curb the growing problem of ransomware attacks. It also paves the way for broader sanctioning of the crypto industry as the United States strives to eliminate its use by criminals, terrorists and others.

Deputy Treasury Secretary Wally Adeyemo said SUEX’s sanction should be seen as a warning to other bad players in the digital currency market.

The administration intends to “disrupt and deter these criminals by attacking their financial enablers.” – Deputy Secretary of the Treasury Wally Adeyemo

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More cybernetic news

Another farm cooperative has struck: Recovery efforts were underway Tuesday at Crystal Valley Cooperative, based in Mankato, Minnesota, after a ransomware attack was discovered on Sunday. The hack disrupted some business operations, prompting the co-op to shut down all computer systems while it worked to contain the malware. (Earth online)

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