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Treasury continues to counter ransomware

The Department of the Treasury on Monday announced a set of actions focused on disrupting criminal ransomware actors and virtual currency exchanges that launder the proceeds of ransomware. Treasury’s actions advance the administration’s counter-ransomware efforts to disrupt ransomware infrastructure and actors and address abuse of the virtual currency ecosystem to launder ransom payments.

Monday's actions include the OFAC designation of Chatex, a virtual currency exchange, and its associated support network, for facilitating financial transactions for ransomware actors. OFAC also designated IZIBITS OU, Chatextech SIA, and Hightrade Finance Ltd for providing material support and assistance to Chatex.

Complementing this action, the Department of State announced a Transnational Organized Crime Reward offer of up to $10,000,000 for information leading to the identification or location of any individual(s) who hold a key leadership position in the Sodinokibi/REvil ransomware variant transnational organized crime group. The Department of State also announced a reward offer of up to $5,000,000 for information leading to the arrest and/or conviction in any country of any individual conspiring to participate in or attempting to participate in a Sodinokibi variant ransomware incident.

OFAC also designated Ukrainian Yaroslav Vasinskyi and Russian Yevgeniy Polyanin for their part in perpetuating Sodinokibi/REvil ransomware incidents against the United States. These two individuals are part of a cybercriminal group that has engaged in ransomware activities and received more than $200 million in ransom payments paid in Bitcoin and Monero. OFAC also designated a company owned by Polyanin.

Treasury also reported FinCEN's release of an updated advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments (see our related report).

For identification information on the individuals and entities targeted by OFAC, see the November 8, 2021, BankersOnline OFAC Update.

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