News & Analysis as of

Virtual Currency › 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 -
BakerHostetler

Weekly Blockchain Blog - April 2024 #5

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Hong Kong Approves Crypto ETFs; Crypto Security, Payments Products Launch - According to recent reports, the Hong Kong Securities and Futures Trading Commission has conditionally approved the launch of the first spot...more

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

Pillsbury - Internet & Social Media Law Blog

News of Note for the Internet-Minded (4/19/22) – IP and NFTs, Virtual Reality & Ransom(every)ware

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In today’s News of Note, we explore ransomware-as-a-service profits, the continued untangling of IP issues with NFTs, the prospect of scented virtual reality experiences, the development of a humanoid robot, and much more....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

Robinson+Cole Data Privacy + Security Insider

Update on OFAC Cyber Sanctions List: Hydra and Garantex

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On April 5, 2022, the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) sanctioned darkweb Hydra Marketplace and virtual currency Garantex and added both to the Specially Designated Nationals List (SDN). ...more

Pillsbury Winthrop Shaw Pittman LLP

Bipartisan Cyber Incident Reporting for Critical Infrastructure Act of 2022 Signed into Law

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Under the new law, critical infrastructure owners and operators will be required to report significant cyber incidents to the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA)...more

American Conference Institute (ACI)

[Event] 16th Annual Flagship Conference on U.S. Economic Sanctions Enforcement and Compliance - May 5th - 6th, Washington, DC

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ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance is widely regarded as the premier conference designed for those working in global sanctions compliance, internal audits and investigations,...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

Torres Trade Law, PLLC

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

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The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

K2 Integrity

Crypto and Virtual Currency Risks

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The ABA/ABA Financial Crimes Enforcement Conference took place January 11-13, with K2 Integrity Managing Director Gabriel Hidalgo, who leads the firm’s Crypto and Fintech Advisory practice, leading an important conversation...more

A&O Shearman

Sanctions Roundup: Fourth Quarter 2021

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Closing the year with a renewed focus on the People’s Republic of China, the Biden Administration imposed new export restrictions on US-origin technology to Chinese tech firms to hinder the PRC’s military and security...more

Orrick, Herrington & Sutcliffe LLP

Year-end Crypto Roundup — Five Key Concepts About the U.S. Government’s Recent Actions on Virtual Currency and Ransomware

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The innovative use of virtual currencies is hotter than ever, but so is a dark side of these instruments: their exploitation in ransomware schemes. This year, since January 2021, ransomware attacks have increased...more

Akin Gump Strauss Hauer & Feld LLP

Treasury to Companies: Time to Take Ransomware Reporting Seriously

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On September 21, 2021, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published an updated sanctions advisory, providing guidance to companies on sanctions compliance obligations related to ransomware...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

Morrison & Foerster LLP

New Strides in Crypto-Asset Regulation

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On November 23, 2021, the Office of the Comptroller of the Currency (OCC) released Interpretive Letter 1179 (the “Letter”), which is the culmination of a review of prior Interpretive Letters on cryptocurrency and related...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

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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

Lowenstein Sandler LLP

Trade Matters - November 2021

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1. New Cybersecurity Export Controls From BIS Go Into Effect in January - The Bureau of Industry and Security (BIS) has released an interim final rule establishing new export controls on certain cybersecurity items and...more

Latham & Watkins LLP

DOJ and Treasury Take Crypto Enforcement to the Next Level

Latham & Watkins LLP on

The DOJ’s National Cryptocurrency Enforcement Team and Treasury’s OFAC are setting their sights on cryptocurrency use in cybercrimes. The US Department of Justice (DOJ) is sharpening its focus on combatting...more

Eversheds Sutherland (US) LLP

Sanctions 2.0: US Treasury Department announces results of sanctions policy review and OFAC releases compliance guidance for the...

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The US Department of the Treasury (Treasury) has released the results of its review of economic and financial sanctions first announced in December 2020 by then President-elect Biden (Report). From that review, Treasury has...more

Proskauer - Blockchain and the Law

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

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Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

Dechert LLP

OFAC Issues Sanctions Guidance on Virtual Currencies and Ransomware

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In recent weeks, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) has issued guidance regarding both virtual currency and ransomware, demonstrating the agency’s enforcement priorities and compliance...more

King & Spalding

OFAC Puts Virtual Currency Industry On Notice

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Guidance Demonstrates OFAC’s Expectations for Sanctions Compliance by Cryptocurrency Industry - On October 15, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury published Sanctions...more

K2 Integrity

Treasury Releases Guidance for the Virtual Currency Industry and Analysis on Ransomware Trends

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Office of Foreign Assets Control (OFAC) released detailed sanctions compliance guidance for the virtual currency industry (the Guidance). The Guidance provides an overview of OFAC sanctions requirements and lists several best...more

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