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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