The U.S. Treasury’s Office of Foreign Asset Control announced a new round of sanctions against the Suex over-the-counter cryptocurrency exchange.
Officially registered in Prague but with physical offices located in Moscow and St. Petersburg on September 21, government officials stated that Suex had facilitated ransomware gangs and scam operators cashouts and the defunct crypto-exchange BTC-e which was shut down by the U.S. Department of Justice years ago.
This OFAC release contains a number of BTC, Ethereum and Tether addresses. There are 25 addresses total.
OFAC was assisted by Chainalysis, a crypto analytics firm. Chainalysis discovered that Suex had received more than $160 million in bitcoin over the last three years. These funds included deposits from darknet market, particularly Russia-based Hydra which is most likely the largest of its kind worldwide.
The Block was informed by Gurvais Grigg, Chainalysis.
“The only way to stop ransomware is to go after its supply chain.”
Grigg said, “We’ve been considering Suex for some time.” “But entities like Treasury or OFAC take time to prove their business case.
The Block contacted OFAC for clarification but they did not respond.
Ransomware is a prominent political issue after the high-profile attacks on U.S. infrastructure in early this year. Ransomware was a key part of the June summit between Presidents Joe Biden and Vladimir Putin . Following the June summit, the Biden administration ordered a major investigation of ransomware attacks against JBS, a major supplier of meat.
The Block previously reported that ransomware is a hot topic and that it has made blockchain analytics companies like Chainalysis, which track crypto transactions, very rich.