- Aug 2022
The risk is not just financial. Ransomware attacks have paralyzed local governments, school districts, and hospitals. In 2019, a ransomware attack shut down the operations of a U.S. Coast Guard facility for thirty hours, and the University of Vermont Medical Center furloughed or reassigned about three hundred employees after an attack on the hospital’s networks. Homeland Security officials worried that ransomware attacks on voter registration systems could disrupt the 2020 elections. In May 2022, the new president of Costa Rica, Rodrigo Chaves Robles, declared a national emergency after a ransomware attack by the Conti gang crippled the Finance and Labor Ministry as well as the customs agency. The group also posted stolen files to the dark web to extort the government to pay the ransom.
Useful examples of ransomware effects ||AndrijanaG||
U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash
The US Treasury sanctions the cryptocurrency mixer Tornado Cash
TITLE: The US Treasury sanctions the cryptocurrency mixer Tornado Cash
CONTENT: On August 8th 2022, The US Treasury's Office of Foreign Assets Control (OFAC) sanctioned the online service Tornado Cash that served as a mixer for the Ether cryptocurrency since 2019. The cryptocurrency mixers are online places where users could obfuscate the origin of cryptocurrency. Mixers use utility of decentralised exchanges and peer-to-peer trading, to create massive amount of transactions in short period of time - mixing tinted coins with the rest of the online supply. Mixers don't collect any user data related to people behind the cryptocurrency funds, therefore they are in a violation of the US federal regulations, and the global AML/CFT regulation. The Treasury stated an issues of national security to be one of the reasons for such action. The FBI and the OFAC are arguing that Tornado Cash facilitated a money laundry operation for the ransomware group Lazarus attributed to the DPRK. The OFAC is calming that cryptocurrency mixer was mostly used for illicit founds. and issued a list of Ether wallet addresses that are sanctioned in this case. It is not an usual practice for OFAC to sanction online service as they main targets are individuals. The OFAC called for the cryptocurrency industry to address challenges that anonymising features can present to AML/CFT obligations.
The Tornado Cash was decentralized entity that run on an open source code.
EXCERPT: The US Treasury, Office of Foreign Assets Control (OFAC) sanctioned the cryptocurrency mixer Tornado Cash and
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20220808 - LIST OF CRYPTOCURRENCY WALLETS
TOPIC: Cryptocurrency, Blockchain, Legal,