Treasury Sanctions Virtual Currency Exchange to Help Counter Ransomware; Janet Yellen Quoted

Treasury Sanctions Virtual Currency Exchange to Help Counter Ransomware; Janet Yellen Quoted
Janet Yellen Secretary Treasury Department

The Department of the Treasury has initiated several measures to fight ransomware and one of those is the announcement of the first sanctions designation against virtual currency exchange SUEX for its role in facilitating transactions for threat actors involved in ransomware attacks.

The Treasury said Tuesday that with the designation, the U.S. would block all SUEX’s property and interests and prohibit all U.S. individuals from engaging in transactions with the virtual currency exchange.

“Additionally, any entities 50% or more owned by one or more designated persons are also blocked,” the department noted.

The Treasury’s office of foreign assets control issued an updated advisory to highlight potential sanctions risks related to ransomware payments, stress the importance of cyber hygiene in mitigating ransomware attacks and encourage companies to report incidents to law enforcement agencies.

“As cybercriminals use increasingly sophisticated methods and technology, we are committed to using the full range of measures, to include sanctions and regulatory tools, to disrupt, deter, and prevent ransomware attacks,” said Treasury Secretary Janet Yellen.

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