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

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Janet Yellen Secretary Department of the Treasury

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

The Treasury said on Tuesday that with the designation, the United States would block all SUEX property and interests and prohibit all American individuals from engaging in transactions with the virtual currency exchange.

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

The Treasury’s Foreign Assets Control Office has issued an updated advisory to highlight potential sanction risks associated with ransomware payments, highlight the importance of cyber hygiene to mitigate ransomware attacks, and encourage businesses to report incidents to law enforcement agencies.

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

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