Biden Sanctions Suex OTC Over Ransomware Attack

Share post:

The United States government has imposed sanctions on Suex OTC, which restrict Suex’s access to all U.S. property and prohibit Americans from doing business with the company.

Suex OTC is a private company based in the Czech Republic

This became necessary after the Treasury Department accused Suex OTC, a cryptocurrency exchange, of supporting ransomware attacks by facilitating transactions with illicit proceeds for at least 8 different ransomware variants.

According to the Treasury Department, a breakdown of Suex transactions shows that more than 40% of these transactions involve illegal actors, and although some exchanges are exploited by bad actors, the agency has revealed that exchanges such as Suex “facilitate illicit activities for their own illicit gains.”

U.S. Assistant Treasury Deputy Secretary Wally Adeyemo said in a conference call with reporters before the announcement: “Exchanges like Suex are critical to attackers’ ability to extract profits from ransomware attackers. The action is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”

For more information, read the original story in Reuters.

Featured Tech Jobs


Related articles

Cyber Security Today, Week in Review for week ending Friday, March 1, 2024

This episode features a discussion on how hard it is to kill a ransomware gang, Canada's proposed new online harms bill, why organizations still allow staff to use vulnerable software

Healthcare sector “stretched thin” in fight against cyber attacks warns CSO of Health-ISAC

In an interview Errol Weiss talks about the challenges facing hospitals a

Cyber Security Today, March 1, 2024 – Warnings to GitHub users and Ivanti gateway administrators, and more

This episode reports on a recommendation that enterprises drop Ivanti Policy Secure and Connect Secure devices because threat actors can get around mitigations for recent vulne

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways