Article written by Haim Ravia and Dotan Hammer
The U.S. Department of Treasury announced it will begin imposing sanctions, including fines and other penalties, on platforms that facilitate digital payments to hackers. The sanctions are intended to block this channel of payment in an attempt to eradicate the use of digital payments in ransomware attacks and other illicit activities which have become increasingly common in recent years. This is the most significant step taken by the Biden administration so far as part of its efforts to deter hackers, particularly Russian hackers, from attacking American companies and institutions.
Nonetheless, the sanctions will not apply to the entire crypto infrastructure in which ransomware transactions may take place. According to U.S. officials, the government does not intend to act against digital assets or the technology that runs them, but rather to pursue those seeking to use them for malicious purposes.
CLICK HERE to read the U.S. Department of Treasury’s press release.
CLICK HERE to read the .S. Department of Treasury’s Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments.