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September 21, 2021 06:42 pm

Crypto Channels Targeted in Biden's Fight Against Ransomware

The Biden administration plans a fresh campaign against ransomware attacks through sanctions to cut off criminals' cryptocurrency pipelines, and it urged companies to report extortion attempts and better protect themselves from them. From a report: Deputy Treasury Secretary Wally Adeyemo told reporters that the sanctions would be imposed on Suex, a cryptocurrency transferring service that's registered in the Czech Republic. He said Suex had "facilitated transactions involving illicit proceeds for at least eight ransomware variants. He said "exchanges like Suex are critical to attackers' ability to extract profits," pointing out that this was the first such action by the Office of Foreign Assets Control against a virtual currency exchange. Both Adeyemo and Deputy National Security Adviser Anne Neuberger, who also briefed reporters in a conference call on Monday evening, underscored the importance of ransomware victims coming forward and vulnerable businesses and organizations taking steps to bolster their security. Adeyemo announced new Treasury Department guidance that makes "an express statement that the U.S. government strongly discourages the payment of cyber ransoms or extortion demands."

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