Biden administration targets ransomware payment 'enablers'

The Biden administration is taking aim at the financial marketplace for criminal ransomware gangs

WASHINGTON -- The Biden administration took aim Tuesday at the financial marketplace for criminal ransomware gangs, announcing sanctions against a Russia-based virtual currency brokerage that officials say has processed illicit transactions for attackers.

The Treasury Department sanctions are aimed at disrupting the economic infrastructure of a ransomware threat that has surged over the last year and targeted vital corporations and critical infrastructure, including a major fuel pipeline. Ransomware payments reached more than $400 million in 2020, the costliest year on record.

The goal of the action is to go after the “financial enablers” of ransomware gangs, Deputy Treasury Secretary Wally Adeyemo told reporters in previewing the announcement.

“Today’s action is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks,” Adeyemo said.