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US imposes sanctions on crypto exchange SUEX

US imposes sanctions on crypto exchange SUEX

The United States has imposed sanctions on a cryptocurrency trading platform over alleged links to cybercriminals.

The basics in brief

  • The platform must have connections to cybercriminals.

As announced by the US Treasury on Tuesday, it is the Czech Republic-based digital platform SUEX. The department has banned its assets in the US jurisdiction and banned the country’s citizens from using SUEX and US companies from trading on the platform. Otherwise there was a risk of penalties.

The ministry said that some virtual currency trading sites are “being exploited by scammers”, but others “facilitate illegal activities for illegal gain”. The latter is the case with SUEX. According to the administration, 40 percent of transactions on this platform have links to “unlawful actors,” but it has not commented on specific hacker attacks or data leaks.

In the past there have been a number of cyber attacks on US targets, including software company Microsoft, a large pipeline and software company Kaseya. When attacked with ransomware, hackers lock or encrypt their victims’ computer systems in order to extort money from users to release their data.

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