Us Treasury Sanctions Cryptocurrency exchange for the first time Suex is suspected of illegal trading

The U.S. Treasury Department announced on Tuesday that it is sanctioning a cryptocurrency exchange, Suex, for allegedly laundering money for cyber attacks, the first such move against a virtual currency exchange. The U.S. Treasury Department noted on Tuesday that cryptocurrency exchange Suex facilitated illegal money laundering transactions involving at least eight types of ransomware, with more than 40 percent of the firm's known trading history linked to illegal actors. Headquartered in the Czech Republic but actually operating in Russia,

Suex began operations under the ownership of Izibits OU, a virtual asset service provider licensed in Estonia. While most virtual currency activity is legal, the technology that facilitates these payments can be exploited by bad actors, and cryptocurrency transactions are decentralized and harder to trace than those conducted by traditional financial institutions, according to the U.S. Treasury. In 2020 alone, ransomware payments totaled more than $400 million, more than four times what they were in 2019, the U.S. Treasury Department said.

ransomware is a network virus designed to take control of a user's computer or encrypt data and then demand a ransom to resume normal operations. In addition to the actions taken by

to sanction Suex, the Treasury Department has updated guidance for companies on how to respond to ransomware attacks, which strongly encourages victims and companies to notify law enforcement agencies of the incident as soon as possible, cooperate fully, and cease ransom payments. The United States has faced an increasing number of cyber attacks, including the Solar Winds supply chain attack last year, the massive attack on Microsoft Exchange Server earlier this year, and the attack on Colonial Pipeline, the largest U.S. fuel Pipeline system, in early May. NSO Group, an Israeli spy intelligence company, developed spyware pegasus to hack iOS devices such as iphones. The US government has proposed a measure that would require government contractors and critical infrastructure companies to disclose cyber attacks with limited security safeguards against lawsuits over those disclosures. Bitcoin was down more than 2 percent at $42,853 and Ether was down more than 2 percent at $3,015 before press time on

." U.S. cryptocurrency exchange Coinbase(Coin-US) was up 1.10% at $239.21 per share.