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Virtual Currency › Cyber Crimes › Ransomware

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
Lowenstein Sandler LLP

Trade Matters - Lowenstein Sandler's Global Trade & National Security Newsletter - December 2023

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TRADE TIP OF THE MONTH: New Companies Have More Time To Report Ownership- The Treasury Department’s Financial Crimes Enforcement Network issued a final rule in late November to delay the deadline for newly created...more

Dechert LLP

OFAC Sanctions Virtual Currency Mixer Tornado Cash

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The U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) on August 8, 2022, imposed sanctions against the popular decentralized virtual currency mixer Tornado Cash alleging that it has been used to launder...more

The Volkov Law Group

OFAC Focuses on Cybercrime by Sanctioning the Hydra Darknet Market and GARANTEX Cryptocurrency Exchange

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Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria.  On April...more

Nelson Mullins Riley & Scarborough LLP

Crypto at Quantico: New FBI Cryptocurrency Unit Adds to Growing U.S. Criminal Enforcement Measures

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Speaking at last week’s Munich Cyber Security Conference, U.S. Deputy Attorney General Lisa Monaco announced the formation of a new FBI unit dedicated to blockchain analysis and virtual asset seizure – the Virtual Asset...more

Foodman CPAs & Advisors

OFAC Warns FFIs And Crypto Sector On Ransomware Attacks

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During the first half of 2021, 68 different ransomware attacks extracted approximately $600 million from victims across the United States. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) says that the...more

Manatt, Phelps & Phillips, LLP

OFAC Speaks Again on Ransomware: Mature Cybersecurity Programs Are Important

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Last year, as employees clicked away at home amid the COVID-19 pandemic lockdown, ransomware attacks surged, with hospitals and other health care providers the top target. This year will be worse—2021 has already seen more...more

The Volkov Law Group

Ransomware and OFAC Sanctions Compliance

The Volkov Law Group on

We have all read about the high-profile malicious cyber-attacks and ransomware demands and payments.  The Colonial Pipeline case demonstrated how responsive law enforcement can be in tracking down perpetrators and recovering...more

Bracewell LLP

OFAC Ransomware Update

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On Friday, OFAC published a compliance guide aimed at the virtual currency industry, which promotes sanctions compliance amid the rise of ransomware attacks. Similar to OFAC’s recent advisory, this compliance guide is yet...more

Ballard Spahr LLP

OFAC Targets Virtual Currency Exchange for Allegedly Facilitating Ransomware Attack

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On September 21, 2021 OFAC issued its first sanctions designation against a virtual currency exchange by designating the virtual currency exchange, SUEX OTC, S.R.O. (SUEX) “for its part in facilitating financial transactions...more

Sheppard Mullin Richter & Hampton LLP

First OFAC Sanctions Against a Cryptocurrency Exchange: Could the Designation of SUEX Signal an Enforcement Trend to Combat...

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On September 21, 2021, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions on SUEX OTC, S.R.O, a cryptocurrency exchange, for its role in laundering money to ransomware attackers. According...more

Robinson+Cole Data Privacy + Security Insider

White House Focused on Combating Ransomware

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Ransomware attacks are frequent and escalating as we speak. Double extortion scams are hitting companies at a dizzying pace, and catching companies, large and small, off-guard. U.S. President Joseph Biden warned Russian...more

BakerHostetler

Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin, US and Foreign Actions Target Crypto Crimes, DeFi...

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Crypto Payment Options Announced, Federal Reserve Official Addresses Bitcoin - Late last week, BitPay, a leading provider of cryptocurrency payment services, announced that U.S. users of its prepaid debit card, which allows...more

Robinson+Cole Data Privacy + Security Insider

Update: Ransomware: To Pay or Not to Pay

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Three recent events are prompting me to update our previous blog post on the difficult decision of whether to pay or not to pay ransomware following an attack....more

Foodman CPAs & Advisors

Financial Institutions to Remain Vigilant of Ransomware Attacks as they are Facilitators of Ransomware Payments

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On October 1, 2020, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert Financial Institutions (FI) relating to “predominant trends, typologies, and potential indicators of ransomware and associated...more

Morgan Lewis - Tech & Sourcing

FinCEN Issues Ransomware Advisory

Morgan Lewis - Tech & Sourcing on

The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued an advisory to remind US businesses about some aspects of ransomware scams and attacks. ...more

Jones Day

FinCEN Issues Guidance on Ransomware Attacks

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The prevalence, sophistication, and severity of ransomware attacks have increased anti-money laundering risks faced by financial institutions both as targets of ransomware attacks and as potential intermediaries in...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - December 2019

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National Veterinary Associates (NVA), a large network of veterinary hospitals and clinics, has reportedly been the victim of a ransomware attack. According to the reports, NVA employs more than 2,600 veterinarians, with over...more

Alston & Bird

FBI Publishes its 2017 Internet Crime Report

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The FBI recently published its 2017 Internet Crime Report highlighting trends and statistics compiled by the FBI’s Internet Crime Complaint Center (“IC3”) during 2017. The report compiles data from a total of 301,580...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - October 2017 #2

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FBI Issues Flash Alert on Apache Struts Vulnerability - The Apache Struts vulnerability has been mentioned frequently in the media over the past month, as it is believed to have been involved in one of the largest and most...more

Sheppard Mullin Richter & Hampton LLP

WannaCry Ransomware Alert

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This is not a drill. Companies and law enforcement agencies around the world have been left scrambling after the world’s most prolific ransomware attack hit over 500,000 computers in 150 countries over a span of only 4...more

Carlton Fields

Don’t Get Locked Out: Is Ransomware a Threat to Your Business?

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Ransomware is a type of malware that locks access to a computer and its drives. Many forms of ransomware take complete control of the computer system, encrypt all of the files, and deny access to the system and any files...more

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