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US releases restrictions on cryptocurrencies used for ransomware recovery

US releases restrictions on cryptocurrencies used for ransomware recovery

The U.S. Treasury Department applied the country’s first restrictions to cryptocurrency homes Exchanges, Brokers who specialize in the intermediaries of transactions. These places are responsible for ensuring security in the trade of values ​​and assets. The victim company, Sooks, has been accused of aiding and abetting rescue operations for criminals involved in cyber hijacking (ransomware).

Often, the criminals responsible for ransomware attacks are asked to pay in bitcoin or other forms of cryptocurrencies, and the ransom money is sent through these companies. Sooks a Exchange With contacts with Russia, the source country of many digital hijackings.

The U.S. company’s decision is aimed at disrupting one of the main channels used to collect ransom money from the perpetrators of the ransomware attack. According to the US Treasury Department, the recovery created a loss of 400 million in 2020 alone, four times the value recorded in 2019.

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The Office of Foreign Asset Control, part of the U.S. Treasury Department, also released a report today highlighting the risks of sanctions. Exchanges Those with links to malicious online activities.

According to a report released by the US company, more than 40% of Suex’s known transaction history came from illegal activities. As a result of the restrictions applied in Exchange, The American people will no longer be able to use Suex’s services and any assets of the company under US authority will be blocked.

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America Against Ransomware

Joe Biden, current President of the United States. (Image: Play / Cage Skitmore / Creative Commons)

The U.S. government announced last week that it would create barriers to using cryptocurrencies to reduce the ransom for digital smuggling. The country cites difficulty in tracking movements as one of the main reasons for this decision.

These new actions are the latest attempt by Joe Biden’s administration to curb ransomware attacks in the country. In May, the US President issued an order to improve digital security in the country, requiring all companies providing security solutions to the government to adhere to the same standards. In addition, suppliers must notify contractors of gaps and failures found in their systems as soon as they are identified.

As announced by government advisers in May, the United States’ goal is to move from responding to threats to avoiding casualties. The restrictions applied to Sooks are another chapter in this effort.

Source: Sleeping computer, Moscow Times

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