Several sanctions for a cryptocurrency exchange based in Russia, called Suex. And for good reason, it is accused of having facilitated transactions from ransomware groups.

Russian-based cryptocurrency exchange Suex has been sanctioned for its role in facilitating ransomware transactions. This sanction from the US Treasury Department is one of the first public and concrete measures taken by the United States against ransomware groups. The Wall Street Journal had warned that the Treasury Department was considering ransomware-related sanctions, but US officials explained their plans in detail on Tuesday.

Indeed, data shows that over 40% of transactions on the Suex platform involve “illicit actors.” According to the Treasury Department, virtual currency exchanges like Suex are "critical to the profitability of ransomware attacks, which help fund other cybercriminal activities." US officials say this is the first round of sanctions against a virtual currency trading exchange and that it was carried out in coordination with the FBI. The sanctions are part of a broader offensive to disrupt the ransomware ecosystem, which has earned at least $400 million in ransoms in 2020.