Biden administration sanctions cryptocurrency exchange in an effort to cut off revenue to ransomware groups
The sanctions cut access to US markets for Suex, a cryptocurrency exchange that US officials accused of doing business with hackers behind eight types of ransomware — malicious software that locks computers.The Treasury Department also updated its sanctions-related guidance to US businesses to"strongly discourage" firms from paying ransoms to cybercriminals.
"The ransomware threat gained national attention in May, when alleged Russian cybercriminals forced Colonial Pipeline, which transports some 45% of all fuel consumed on the East Coast, to shut down for days.Colonial Pipeline paid the hackers $4.4 million in cryptocurrency to recover the company's data. The Justice Department seized about $2.3 million of that ransom from the hackers, but officials don't want to see the money leaving corporate accounts in the first place.
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