Security News > 2021 > September > Feds Sanctions SUEX Cryptocurrency Exchange for Laundering Ransomware Payouts

As part of its continued hardline against ransomware attacks, the U.S. Department of Treasury has prohibited anyone in the United States from conducting business with SUEX OTC, a Russian-linked currency exchange.

The feds analyzed SUEX's transactions and found that the exchange facilitated transactions of illicit proceeds from at least eight ransomware variants, according to the release.

Research has found that ransomware is up more than tenfold in the first half of 2021 alone, which means organizations likely will lose much more than that this year to ransomware crimes.

The now-notorious DarkSide ransomware attack in May on Colonial Pipeline disrupted the oil and gas supply and prices for some time after, while a REvil ransomware attack on global meat supplier JBS Foods and this week's BlackMatter ransomware attack on Iowa farm cooperative NEW Cooperative created problems for the food supply chain.

While the move against SUEX may be the first time the feds have sanctioned a cryptocurrency exchange, it's not the first time the Treasury Department has taken the sanctions approach in the overall ransomware fight.

The group had moved into the ransomware business; Evil Corp was seen last August using WastedLocker ransomware against GPS maker Garmin, in an attack that allegedly cost the company $10 million in ransom.

News URL

https://threatpost.com/feds-sanctions-suex-cryptocurrency-ransomware/174895/