Security News > 2021 > September > U.S. to sanction crypto exchanges, wallets used by ransomware
The Biden administration is expected to issue sanctions against crypto exchanges, wallets, and traders used by ransomware gangs to convert ransom payments into fiat money.
With ransomware attacks against US interests and infrastructure escalating over the past two years, the White House has increased its efforts to disrupt ransomware operations.
According to reporting by the Wall Street Journal, the US is expected next week to sanction crypto exchanges, wallets, and individuals who aid ransomware gangs convert cryptocurrency.
Ransomware gangs ultimately have to cash out the crypto into fiat money, such as US dollars or local currency.
By sanctioning crypto exchanges known to be used by ransomware actors, the government hopes to disrupt this economy and make it far more difficult for ransomware gangs to operate.
The US Treasury later warned that ransomware negotiators may face civil penalties for facilitating ransomware payments to ransomware gangs on the sanction list.
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