Treasury sanctions 2 ransomware players, virtual currency exchange; Wally Adeyemo Cited
The Treasury Department has sanctioned Chatex virtual currency exchange and its associated network of three companies to facilitate transactions for threat actors involved in ransomware attacks.
The Treasury said on Monday that the Office of Foreign Assets Control also imposed sanctions on a Russian and a Ukrainian for their role in carrying out ransomware attacks against US businesses and government agencies.
With this designation, the United States would block the ownership and interests of all designated targets and prohibit all American individuals from engaging in transactions with the two ransomware players, the virtual currency exchange and its network.
“Ransomware groups and criminal organizations have targeted US businesses and public institutions of all sizes and from all sectors, seeking to undermine the backbone of our economy,” said Wally Adeyemo, Undersecretary of the Treasury.
The department’s Financial Crimes Enforcement Network also released an update to its 2020 ransomware advisory. The updated document includes information on ransomware trends and typologies, examples of ransomware incidents and metrics. financial alert of illicit ransomware activity to help financial institutions identify and report suspicious transactions in accordance with bank secrecy law.
“We will continue to call on all authorities at the disposal of the Treasury to disrupt, deter and prevent future threats to the US economy. This is a top priority for the Biden administration, ”added Adeyemo.