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News+ Data Reports Events Podcasts Newsletter Text Alerts Sections You are currently not logged in. Login Get News+ Get Research Join The Block — Become Among the Most Informed on Digital Assets Subscribe Now Join Research Already a Member? Login now Digital assests are disrupting everything. Stay ahead of the curve. Become a member Independent analysis requires independent journalists. Click here to help support our work. Bitcoin US TREASURY SANCTIONS RUSSIA-BASED CRYPTO EXCHANGE FOR LAUNDERING OVER $160 MILLION IN BITCOIN by Kollen Post SEPTEMBER 21, 2021, 10:29AM EDT · 1 MIN READ advertisement The U.S. Treasury’s Office of Foreign Asset Control has announced a new round of sanctions targeting over-the-counter crypto exchange Suex. Formally registered in Prague, but with physical offices in Moscow and St. Petersburg, government officials said on September 21 that Suex has facilitated cashouts from ransomware gangs, scam operators, and defunct crypto exchange BTC-e, which the U.S. Department of Justice shut down years ago. The OFAC release includes a series of BTC, ETH and Tether addresses. Twenty-five addresses in total are named. Source: Chainalysis Crypto analytics firm Chainalysis aided OFAC in its investigation of Suex. Chainalysis found that Suex had received over $160 million in bitcoin in the past three years. Those funds also included deposits from darknet markets, in particular Russia-based Hydra, which is likely the largest of its kind in the world. Gurvais Grigg of Chainalysis told The Block: > “The way to disrupt ransomware is by going after the ransomware supply chain.” “We’ve been looking at Suex for a while,” Grigg continued. “But it takes time for entities like Treasury and OFAC to make their business case.” A representative for OFAC did not respond to The Block’s request for comment as of publication. Following high-profile attacks on U.S. infrastructure earlier this year, ransomware has become an increasingly high-profile political issue. Ransomware played a prominent role in a June summit between Presidents Joe Biden and Vladimir Putin. The Biden administration subsequently ordered a major investigation into ransomware attacks on JBS, a major meat supplier. The Block has previously reported that the surge in public interest in ransomware has been lucrative for the blockchain analytics firms like Chainalysis that track crypto transactions. This story has been updated to clarify the nature of Suex's operation. 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"THE BITCOIN TRADING ECOSYSTEM AND THE EMERGING INSTITUTIONAL INFRASTRUCTURE" REPORT The new report examines the evolution of the Bitcoin trading ecosystem and includes findings from the latest institutional survey conducted by LMAX Digital Read Full Story SPONSORED POST Research LAYER-1 PLATFORMS: A FRAMEWORK FOR COMPARISON The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. Read Full Story AUG 11, 2021, 5:18PM GMT Funding BLOCKCHAIN MONITORING STARTUP METRIKA RAISES $14 MILLION FROM COINBASE VENTURES AND OTHERS Metrika, a U.S.-based startup that provides operational monitoring tools for blockchain networks, has raised $14 million in a Series A funding round. Read Full Story SEP 21, 2021, 2:00PM GMT People FORMER MONERO LEAD MAINTAINER RICCARDO SPAGNI RELEASED FROM JAIL Former Monero lead maintainer Riccardo Spagni has been released from court today after he was arrested over alleged fraud at a cookie company. Read Full Story SEP 21, 2021, 1:38PM GMT Mining COMPASS MINING LAUNCHES 'AT-HOME' BITCOIN MINING SERVICE ompass Mining has launched a new service that lets retail miners mine bitcoin at their homes. Read Full Story SEP 21, 2021, 12:00PM GMT Funding BITCLOUT CREATOR LAUNCHES 'DECENTRALIZED SOCIAL' BLOCKCHAIN WITH $200 MILLION IN FUNDING FROM A16Z AND OTHERS BitClout creator Nader Al-Naji has launched the "Decentralized Social" blockchain with $200 million in funding from a16z and others. Read Full Story SEP 21, 2021, 11:00AM GMT Fintech TIGER GLOBAL LEADS $130 MILLION RAISE FOR OPEN BANKING STARTUP TRUELAYER London-based open banking firm TrueLayer has closed a $130 million fundraise led by Tiger Global Management. Read Full Story SEP 21, 2021, 8:36AM GMT NFT FANTASY SOCCER NFT PLATFORM SORARE SCORES $680 MILLION RAISE LED BY SOFTBANK Sorare, a soccer-focused NFT trading platform, has announced a $680 million Series B fundraise led by SoftBank. 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Read Full Story SEP 20, 2021, 6:38PM GMT Regulation THE IRS SAYS IT PLANS TO AWARD CONTRACT FOR CRYPTO STARTUP'S CROSS-CHAIN TRACING SOFTWARE A notice published last week by the Internal Revenue Service indicates that the U.S. tax agency wants to beef up its capacity to track cross-chain transactions. Read Full Story SEP 20, 2021, 5:40PM GMT Exchanges FTX SUBSIDIARIES RECEIVE CRYPTO LICENSES IN GIBRALTAR AND THE BAHAMAS Crypto exchange FTX's subsidiaries in Gibraltar and the Bahamas have received licenses from local regulators. Read Full Story SEP 20, 2021, 4:29PM GMT Companies COINBASE DROPS PLANS FOR CRYPTO LENDING PRODUCT AFTER SEC TUSSLE Coinbase is no longer planning to launch a lending product, following the SEC's view that the product would have been a security. Read Full Story SEP 20, 2021, 3:52PM GMT Public Companies HOMELAND SECURITY INKS DEAL WITH COINBASE FOR ITS BLOCKCHAIN ANALYTICS SOFTWARE The U.S. Department of Homeland Security has signed a deal with Coinbase to use its blockchain tracing software, Coinbase Analytics. Read Full Story SEP 20, 2021, 11:54AM GMT DeFi HACKER STEALS $12 MILLION IN WRAPPED BITCOIN FROM DEFI PLATFORM PNETWORK Cross-chain DeFi protocol pNetwork suffered an attack and lost the equivalent of 277 bitcoin, worth over $12 million. Read Full Story SEP 20, 2021, 9:23AM GMT Hiring FREETRADE HIRES REVOLUT’S PAUL BROOKING AS NEW CFO British stock trading app Freetrade has hired Paul Booking as chief financial officer, according to a press release. Read Full Story SEP 20, 2021, 9:09AM GMT Bitcoin EL SALVADOR BUYS 150 MORE BITCOINS, WORTH $6.8 MILLION El Salvador has purchased 150 more bitcoins (worth $6.8 million at current prices), President Nayib Bukele said on Twitter Monday. Read Full Story SEP 20, 2021, 7:53AM GMT Institutional BITCOIN FUND LAUNCHED BY NYDIG HAS RAISED NEARLY $17 MILLION TO DATE A bitcoin fund created by investment services firm NYDIG has raised nearly $17 million to date. Read Full Story SEP 18, 2021, 12:05PM GMT Regulation US OFFICIALS NOW INVESTIGATING BINANCE FOR POTENTIAL INSIDER TRADING, MARKET MANIPULATION: REPORT Bloomberg reported Friday that a broad U.S. government investigation into the operator of crypto exchange Binance has widened to include "whether Binance or its staff profited by taking advantage of its customers." Read Full Story SEP 18, 2021, 11:45AM GMT Regulation ALABAMA'S SECURITIES REGULATOR IS ALSO SCRUTINIZING CRYPTO LENDER CELSIUS The securities regulator for Alabama issued a show-cause order on Thursday to crypto lender Celsius, seeking an explanation for why its offerings don't constitute the sale of securities under state law. 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