Biden Sanctions Cryptocurrency Exchange over Ransomware Attacks

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. (Reuters)
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. (Reuters)
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Biden Sanctions Cryptocurrency Exchange over Ransomware Attacks

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. (Reuters)
Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. (Reuters)

The Biden administration on Tuesday will unveil sanctions against a cryptocurrency exchange over its alleged role in enabling illegal payments from ransomware attacks, officials said, part of a broader bid to crack down on the growing threat.

The Treasury Department accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity.

“Exchanges like Suex are critical to attackers’ ability to extract profits from ransomware attackers,” Treasury Deputy Secretary Wally Adeyemo said in a call with reporters previewing the announcement. “Today’s action is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks.”

Hackers use ransomware to take down systems that control everything from hospital billing to manufacturing. They stop only after receiving hefty payments, typically paid in cryptocurrency.

Attacks are increasing in scale, sophistication and scope, the Treasury said. In 2020 ransomware payments reached over $400 million, more than four times the level in 2019, Anne Neuberger, deputy national security adviser for cyber, told reporters on the call.

The officials said the administration is also updating guidance on sanctions to encourage victims of ransomware attacks to share information with law enforcement.

The Treasury said an analysis of known Suex transactions shows that over 40% of them involved illicit actors. While some exchanges are exploited by bad actors, others like Suex, “facilitate illicit activities for their own illicit gains,” the agency added in a release.

The sanctions, included in a 2015 executive order targeting cyber criminals, block Suex’s access to all US property and prohibit Americans from transacting with the company.

Suex OTC is a private company based in the Czech Republic, according to Refinitiv’s Eikon.



Ministry of Economy and Planning Launches Beta Version of Data Saudi Mobile Application

Ministry of Economy and Planning Launches Beta Version of Data Saudi Mobile Application
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Ministry of Economy and Planning Launches Beta Version of Data Saudi Mobile Application

Ministry of Economy and Planning Launches Beta Version of Data Saudi Mobile Application

The Ministry of Economy and Planning launched on Wednesday the beta version of the Data Saudi mobile application, a comprehensive online platform that provides access to key economic and social data about the Kingdom.
According to a ministry statement, the application displays data from "trusted local and global sources, providing users with a better understanding of the economic landscape in Saudi Arabia, by utilizing interactive visualization techniques".
The application facilitates access to data directly on the users’ mobile devices, allowing them to browse all published economic, social, and sectoral data.
The application also enables access to the most important national and regional economic and social indicators, and data about the Kingdom’s international economic interactions with more than 180 countries.
The ministry said it will work on further developing the application in the near future by expanding data coverage to encompass diverse economic sectors. It will also strive to incorporate more advanced and interactive visualization techniques.
Those interested in experiencing the application can download it from the App Store and Google Play.