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Treasury Sanctions First Cryptocurrency Exchange to Combat Ransomware

The department also emphasized guidance for victim organizations who risk running afoul of enforcers by paying attackers and failing to report incidents.

The Treasury Department is banning U.S. persons from engaging in any way with SUEX, a cryptocurrency exchange it says laundered ransomware payments to criminals.

“SUEX has facilitated transactions involving illicit proceeds from at least eight ransomware variants,” Treasury said in a press release Tuesday. “Analysis of known SUEX transactions shows that over 40% of SUEX’s known transaction history is associated with illicit actors.”

Treasury, which worked with the FBI to issue the sanctions, said the action is part of a comprehensive plan that relies on cooperation between law enforcement, the private sector and international partners, a message President Joe Biden also delivered in remarks before the United Nations General Assembly Tuesday.

“We’re hardening our critical infrastructure against cyberattacks, disrupting ransomware networks, and working to establish ...

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