Security News > 2021 > September > US Sanctions Cryptocurrency Exchange SUEX for Aiding Ransomware Gangs

The U.S. Treasury Department on Tuesday imposed sanctions on Russian cryptocurrency exchange Suex for helping facilitate and launder transactions from at least eight ransomware variants as part of the government's efforts to crack down on a surge in ransomware incidents and make it difficult for bad actors to profit from such attacks using digital currencies.

"Virtual currency exchanges such as SUEX are critical to the profitability of ransomware attacks, which help fund additional cybercriminal activity," the department said in a press release.

"Analysis of known SUEX transactions shows that over 40% of SUEX's known transaction history is associated with illicit actors. SUEX is being designated pursuant to Executive Order 13694, as amended, for providing material support to the threat posed by criminal ransomware actors."

A substantial portion of those transfers - amounting to nearly $162 million - originate from ransomware operators such as Ryuk, Conti, and Maze, cryptocurrency scam operators, darknet markets, and high-risk exchanges.

The development marks the first instance of such an action against a virtual currency exchange and follows a wave of devastating ransomware attacks that have increased in frequency and severity, hobbling critical infrastructure and numerous entities in recent months and making them an economical and national security threat.

Ransomware refers to malicious software that's engineered to block access to computer systems, often by encrypting data or programs to extort ransom payments from victims in exchange for decrypting and restoring access to their systems or data.

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