US Imposes Sanctions On Russian Crypto Exchange Accused Of Facilitating Ransomware

The U.S. government has imposed sanctions and blacklisted the Russian cryptocurrency exchange Suex for allegedly helping ransomware hackers to launder extortion payments.

The U.S. Treasury Department is accusing Suex OTC, SRO, of facilitating transactions involving illicit proceeds for at least eight ransomware variants. 

Close to 40% of Suex's transactions are linked to various illicit transactions, according to Treasury. 

Suex OTC is a private company based in the Czech Republic.

“Ransomware and cyber-attacks are victimizing businesses large and small across America and are a direct threat to our economy. We will continue to crack down on malicious actors,” said Treasury Secretary Janet Yellen. 

While bad actors exploit some exchanges, others like Suex "facilitate illicit activities for their illicit gains," the Treasury said in a release.

Suex has been added to the Treasury's Office of Foreign Assets Control's Specially Designated Nationals and Blocked Person list. 

The sanctions, included in a 2015 executive order targeting cybercriminals, block Suex's access to all U.S. property and prohibit Americans from transacting with the company.

As a result of the sanction, all property and interests in property of the designated target that are subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. Additionally, any entities 50% or more owned by one or more designated persons are also blocked. 

Ransomware is a malware designed to lock down systems by encrypting data, with the attackers then demanding payment to regain access.