The U.S. government has sanctioned a cryptocurrency exchange for the first time ever as part of its ongoing fight against ransomware attacks. Today, the Treasury Department added Russia-based Suex.io to its list of specially designated nationals (SDNs) — in other words, U.S. residents and businesses are barred from doing business with the firm. 🚫
Suex is legally registered in the Czech Republic, but the exchange operates entirely within Russia. The crypto exchange has allegedly facilitated cryptocurrency transactions for ransomware attackers.
According to Blockchain analytics firm Chainalysis, Suex transacted hundreds of millions of dollars worth of crypto assets related to illicit activities… about $160 million in Bitcoin, to be exact. Not good.
The sanction by the U.S. government is part of an ongoing effort to combat ransomware. In May, ransomware attackers targeted Colonial Pipeline, an American gasoline pipeline firm. The attack resulted in fuel shortages across the Southeastern United States. After the Colonial Pipeline fiasco, the White House launched a ransomware task force focused on combating cyberattacks.