Treasury sanctions cryptocurrency exchange over ransomware transactions

• Digital currency exchanges allow people to trade cryptocurrencies or digital currencies for other assets.
• The sanctions announced Tuesday will make it harder for SUEX to do business with U.S. entities.

By the numbers: The Treasury said that over 40% of SUEX’s known transactions have been associated with illicit actors, though it stressed that most virtual currency activity is legal.

• It said SUEX facilitated transactions involving illicit proceeds from at least eight different types of ransomware.

What they're saying: "Virtual currency exchanges such as SUEX are critical to the profitability of ransomware attacks, which help fund additional cybercriminal activity," the Treasury said.

• "Ransomware attacks are increasing in scale, sophistication, and frequency, victimizing governments, individuals, and private companies around the world."

The big picture: Ransomware payments in 2020 reached over $400 million, more than four times their level in 2019, according to the department.

Go deeper: DOJ to treat ransomware attacks with similar priority as terrorism