On the global stage of digital currency trading, a storm is quietly brewing. Recently, the U.S. Treasury Department imposed sanctions on cryptocurrency exchanges for the first time, and Suex became the target of public criticism for suspected illegal transactions. This move caused a huge shock in the industry and also demonstrated the increasingly severe attitude of regulators towards the digital asset market. Let us explore the story behind this storm and uncover the dark side and light in the digital currency world.

The bloody storm in the digital currency market

Since its birth, the digital currency market has been a turbulent and treacherous world. Investors are looking for opportunities in it, and exchanges play an important role in it. However, with the expansion of the market and the strengthening of supervision, some lawless elements have also taken the opportunity to breed. Suex, as a well-known digital currency exchange, has fallen into the vortex of illegal transactions. The sanctions of the U.S. Treasury Department have undoubtedly given the market a loud alarm bell, and people have begun to re-examine the chaos in the digital currency market.

The storm encountered by Suex

As a high-profile digital currency exchange, the storm encountered by Suex is really remarkable. It is reported that Suex is accused of providing services to operators of cyber ransomware and other malware and facilitating money laundering for hackers. This accusation has put Suex in the whirlpool of public opinion and seriously damaged its reputation. In the face of sanctions from the US Treasury Department, how Suex will respond has become the focus of market attention.

Legitimacy and regulatory challenges of digital currency

The legitimacy of digital currency has always been controversial, and regulation is also an important link in market development. With the strengthening of supervision, some exchanges have been forced to close and some projects have been forced to terminate. The case of Suex has once again triggered people's thinking about digital currency regulation. How to effectively regulate the market while ensuring market innovation has become a challenge faced by regulators and industry practitioners.

Bright prospects for digital currency

Although the digital currency market is changing, the bright prospects of digital currency cannot be ignored. The continuous development of blockchain technology and the increasing popularity of digital currency have paved the way for the future of the digital asset market. Strengthening supervision can purify the market environment and create opportunities for more compliant institutions to enter the market. How the future of digital currency will develop is worth waiting for.

Conclusion

The digital currency market is changing, and the storm encountered by Suex is just a microcosm of it. Strengthening supervision will be an inevitable trend in market development, and the future of digital currency will continue to be explored in compliance and innovation. As investors and practitioners, we need to remain vigilant, look at the market rationally, seize opportunities, and meet challenges. The world of digital currency has both undercurrents and shining lights. Let us witness the vigorous development of the digital currency market and create new glory for digital assets together!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

On Tuesday (21st), the U.S. Treasury Department announced that it would sanction a Suex on the grounds that Suex was suspected of laundering money for cyber attacks. This is the first move against it.

The U.S. Treasury Department pointed out on Tuesday that the cryptocurrency exchange Suex helped illegal money laundering transactions involving at least 8 types of ransomware, and more than 40% of the company's known transaction history was related to illegal actors.

Suex is headquartered in the Czech Republic, but actually operates in Russia. Suex began operating under the ownership of Izibits OU, a virtual asset service provider licensed in Estonia.

The U.S. Treasury Department said that although most virtual currency activities are legal, the technology that facilitates these payments may be exploited by criminals, and cryptocurrency transactions are decentralized and more difficult to track than transactions conducted by traditional financial institutions.

The U.S. Treasury Department said that in 2020 alone, the total amount of ransomware payments exceeded US$400 million, more than four times that of 2019.

Ransomware is a network virus designed to control the user's computer or encrypt data, and then require the user to pay a ransom to restore normal operations.

In addition to the actions taken by the Treasury Department to sanction Suex, it also updated guidance on how companies should respond to ransomware attacks, which strongly encourages victims and related companies to report the incident to law enforcement agencies as soon as possible, cooperate fully, and stop paying ransoms.

The United States faces increasingly rampant cyber attacks, starting with the Solar Winds supply chain attack that broke out last year, the massive attacks on Microsoft Exchange
Server at the beginning of this year, the hacker attack on Colonial Pipeline, the largest fuel pipeline system provider in the United States in early May, and the Israeli spy intelligence company NSO
Group developing spyware Pegasus to invade iOS devices such as iPhones.

The U.S. government has proposed a measure requiring government contractors and critical infrastructure companies to disclose cyber attacks while providing limited security guarantees to protect them from legal action for these disclosures.

Before press time, Bitcoin fell more than 2% to $42,853, and Ethereum also fell more than 2% to $3,015. The U.S. cryptocurrency exchange Coinbase (COIN-
US) rose 1.10% to $239.21 per share.