09 Nov 2022

US Treasury redesignates Tornado Cash sanctions, citing North Korea nuclear weapons program

The United States Treasury Department’s Office of Foreign Asset Control, or OFAC, has amended the sanctions on cryptocurrency mixer Tornado Cash in addition to including two individuals involved in “transportation and procurement activities” for North Korea in its list of specially designated nationals. In a Nov. 8 announcement, the Department of

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17 Oct 2022

Sanctioning a cryptocurrency protocol: What does that mean for Web3?

In August 2022, the Office of Foreign Assets Control (OFAC) of the United States Treasury Department sanctioned a cryptocurrency “mixer” – programmes used to increase the anonymity of crypto transactions – for its alleged use in money-laundering. It also blacklisted a number of Ethereum addresses associated with the protocol. The

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11 Oct 2021

U.S. Treasury’s Response to Ransomware Gangs: Punish the Attackers and the Victims

In late September 2021, the U.S. Department of Treasury (DoT) levied sanctions against the Russian cryptocurrency exchange Suex for the laundering of transactions from at least eight ransomware groups. This latest move to “follow the money” is designed to hinder ransomware operations that rely on cryptocurrency to receive payments from victims.

Per the Department of Treasury (DoT), Suex maintained approximately 25 digital addresses that received more than $481 million in Bitcoin alone (this does not include other cryptocurrencies), Approximately $160 million in transfers were associated with various ransomware operators, as well as darknet markets, other criminal scams, and “high risk” exchanges.

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26 Oct 2020

Treasury Sanctions Iranian Entities for Attempted Election Interference

On October 22, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) determined to impose sanctions on five distinct Iranian entities known to have attempted to conduct election interference on the US and its voters. These attempts include spreading disinformation and executing malign influence campaigns aimed to mislead

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01 Oct 2020

Your Ransomware Payments Could Violate OFAC Sanctions

The U.S. Department of Treasure released an advisory today highlighting that ransomware payments could violate their Office of Foreign Assets Control (OFAC) sanction controls. This advisory drastically changes the dynamic for how companies are managing ransomware response including the payment of ransoms directly or through third party negotiators.

This is an advisory that every CISO, corporate executive, and board of directors member needs to read and understand to prevent criminal liability.

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