Cyber Security

Discover Why Crypto Exchange Is Banned in the US

The US government has taken a drastic decision to ban the cryptocurrency exchange SUEX that enabled financial exchanges between ransomware attackers. The decision has become the talk of the digital circles because it would also affect the crypto trade between citizens and different organizations that allow cryptocurrency exchange. This decision has divided people into two groups. One believes that this decision would help curb illicit transactions. The other group states that it would adversely hamper the crypto market. In his article for Security Intelligence, David Bisson talks about this new decision and how it would affect the market.

A Path-Breaking Decision

The Office of Foreign Assets Control (OFAC) at the US Department of the Treasury asserts that this landmark decision will enable the government agencies to keep a check on at least eight different ransomware variants. The OFAC has devised an elaborate framework discussing the effects of this sanction and how it would prevent digital attackers from invading the crypto market. This sanction has also incorporated strict civil penalties with the help of the US Treasury Department.

Other Major Changes

Bisson mentions, “The Financial Crimes Enforcement Network of the Treasury Department, created to combat money laundering and to counter funding terrorism, analyzed 177 virtual currency addresses used for ransomware payments in H1 2021. In doing so, it uncovered $5.2 billion worth of bitcoin transactions tied to ransomware.” The government agencies are trying different measures to identify and prevent the ransomware attacks of REvil/Sodinokibi. It is responsible for almost 73% of ransomware attacks in the second quarter of 2021.  

If your company is involved in cryptocurrency exchange and you think your business might be at risk, it is better to incorporate a zero-trust model to prevent cybersecurity risks. Make sure you encrypt your data across cloud storage and digital applications. It will help your enterprise lessen the risk of cyber threats to a great extent.

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