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The Biden administration crashed a cryptocurrency exchange Tuesday to thwart ransomware attackers who use digital payments to facilitate cyberattacks on America’s critical infrastructure.
NS Treasury Undersecretary The Russian cryptocurrency exchange SUEX has announced sanctions for allegedly facilitating payments to cyber gangs. A cryptocurrency exchange is a digital marketplace where users buy and sell digital assets.
Ransomware attackers hold data and systems hostage until victims pay, often via digital currencies.
“As cybercriminals use increasingly sophisticated methods and technologies, we are committed to using all measures to prevent, deter and prevent ransomware attacks, including sanctions and regulatory tools,” Treasury Secretary Janet Yellen said in a statement.
More than 40% of SUEX’s transactions are associated with “illegal actors,” according to the Treasury, which targets the exchange to provide financial support to ransomware attackers.
“Virtual currency exchanges like SUEX are critical to the profitability of ransomware attacks that help fund additional cybercriminal activities,” the Treasury said in a statement. “Treasury will continue to corrupt and hold these assets accountable to reduce the incentive for cybercriminals to continue carrying out these attacks.”
Monitoring the use of cryptocurrencies by ransomware attackers has proven to be an efficient tool for the federal government to hunt down cybercriminals. For example, the U.S. government has reclaimed nearly $2.3 million worth of cryptocurrency paid for by large corporations. US fuel Colonial Pipeline’s supplier to his attackers, who are linked to the ransomware gang DarkSide, which President Biden linked to Russia.
Mr. Biden had previously tried to thwart Russian criminal gangs by warning Russian President Vladimir Putin to take action against cyber-attackers within his country’s borders. According to the White House, Mr Biden has repeatedly warned Mr Putin this summer that cyberattacks affecting America’s critical infrastructure will have consequences.
In September, the United States met with its allies on how to fight effectively. The Treasury said it met multiple times earlier this month with the Bank of England and other members of the G-7 Cyber Expert Group to discuss ransomware and its impact on the financial services industry.
Alongside its new sanctions against SUEX, the administration has issued guidance warning Americans against paying ransomware attackers or encouraging others to make such payments.
Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyberinsurance companies, and companies involved in digital forensics and incident response, not only encourage future ransomware payment requests, but may also pose the risk of breaches. [Office of Foreign Assets Control] regulations”, read Treasury Undersecretary recommendation. “The U.S. government strongly discourages all private companies and citizens from ransom or extortion demands and recommends that you focus on strengthening defense and resilience measures to prevent and protect against ransomware attacks.”
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