US treasury issues updated advisory following sanctions on Crypto exchanges linked with ransomware.
Two days ago, the office of foreign assets control of the US Department of Treasury, had meted out sanctions against SUEX OTC, S.R.I., a crypto exchange, for its seeming complicity in recent ransomware attacks. And now, the department has released an updated advisory on what kind of sanctions other exchanges risk when they transact with payments made from ransomware attacks.
Recall that we reported that the US department of treasury had found out that over 40% of all SUEX’s known transactions, are linked to criminal activities. Also, the department insists that while most crypto related transactions are not exactly unlawful, some transactions are quite prone to malicious attacks. But in the case of SUEX, the exchange purposely enabled a lot of illegal transactions for their own ulterior motives. And so for its role in the events leading up until the sanctions, all SUEX’s property in the US has been seized. The sanctions did not stop there but will also prohibit US citizens from having any dealings with SUEX, going forward.
The US treasury has now issued an updated advisory however, stating that the government is totally against the payment of cyber ransom or giving in to whatever other means of extortion that may be in demand. It further mentioned how important and helpful cybersecurity is to the government, and its significance in helping to minimize or absolutely avoid ransomware attacks. Lastly, the advisory highlighted the need for improving the current cybersecurity procedures while also reporting to, and working (hand in hand) with relevant authorities in any event of an attack.
Janet Hellen, Secretary of the Treasury also had a thing or two to say. She spoke about how the American economy is consistently being threatened by cyber-attacks and ransomware, affecting all kinds of businesses across the country. As at last year, ransomware payouts went over $400 million, surprisingly more than four times what the payouts were back in 2019. According to the department, the sanctions against SUEX will be the very first against any crypto exchange for aiding cyber ransoms.