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Biden will sanction cryptocurrency exchange that allowed illegal ransomware payments

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TL;DR Breakdown

• Suex OTC allowed over 40 percent of ransomware attacks on its platform.
• Biden could regulate cryptocurrency, taking cyber-attacks as an excuse.

Again, Biden’s agency attacks the crypto market after imposing new sanctions for alleged cyberattacks. It is not surprising that the US government is pressuring the cryptocurrency market that has gained popularity in recent months.

The president’s executives and the Treasury department directly blame the Suex OTC platform for supporting cybercrime. According to the agencies, this cryptocurrency exchange is involved with at least eight ransomware attacks reported in the country.

Biden against crypto

cryptocurrency

The US Treasury agency said crypto platforms such as Suex OTC are a priority for hackers planning cyberattacks. The body clarifies this measure will only apply to the crypto web and not to the decentralized market in general. However, according to the agencies, the US government has long wanted to regulate cryptocurrencies because they bring financial dangers.

Cyber-attackers use ransomware to destabilize the controls of companies within the country. These attackers ask for a huge sum of money to release data they have easily stolen from a company. As crypto maintains their no-logs policy, hackers ask for a ransom payment in these virtual currencies.

These cyber problems have increased over the months in sync with the rise in the cryptocurrencies price. Only in 2020, these cyber-attacks took around 400 million dollars among the affected companies. This represents a huge increase compared to the 2019 cyber problems, but it is small compared to what has accumulated over this year.

The agencies require affected companies to provide information about these pirates so the agencies in charge can initiate investigations.

Suex OTC lockdown the start to avoiding ransomware

The department notes that the Suex OTC crypto platform allowed over 40 percent ransoms for cyber-attacks. The exchange platform was not profiting from cyberattacks, but it was not doing anything to prevent them either. The agency blocked access to the platform, which is why it was permanently disabled.

The government is committed to the country avoiding these ransomware problems. Now that the agencies know the electronic criminal’s modus operandi, they will do everything possible to bring them to justice.

President Biden has shown no interest in the crypto market since his inception into office. Added to this, cryptocurrency scams have increased in 2021. Financial agencies may release a statement officially regularizing cryptocurrencies using ransomware problems as an excuse.

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