The United States imposed sanctions Tuesday on cryptocurrency exchange SUEX for its ties to ransomware attackers, as Washington seeks to crack down on digital crime.
The move comes after hacks and data breaches that have targeted a major U.S. oil pipeline, a meatpacking company and the Microsoft Exchange email system, as well as ransomware attacks hitting various sectors.
The U.S. Treasury Department did not say if SUEX was implicated in any of those incidents, but noted that 40% of the exchange's known transaction history was linked to "illicit actors."
"Some virtual currency exchanges are exploited by malicious actors, but others, as is the case with SUEX, facilitate illicit activities for their own illicit gains," the Treasury Department's statement said.
As a result of the sanctions, any assets of the platform under U.S. jurisdiction are now blocked and Americans are barred from using SUEX.
The United States in July offered $10 million rewards for information on online extortionists abroad as it stepped up efforts to halt a sharp rise in ransomware attacks.
This year has seen a slew of prominent ransomware attacks which have disrupted a U.S. pipeline, a meat processor and the software firm Kaseya — affecting 1,500 businesses, many of them far from the limelight.
Some $350 million was paid to malicious cyber actors last year, a spike of 300% from 2019, according to the Department of Homeland Security.
U.S. officials say that many of the attacks originate in Russia although they have debated to what extent there is state involvement. Russia denies responsibility.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
