Assisting in Bitcoin Purchases for Ransomware May Be Illegal in the US‘White hat’ security consultant, Vinny Troia, had his Coinbase account suspended for breaching US regulations by paying cyber-ransoms, amidst growing concerns that US anti-money laundering legislation needs to be updated for the cryptocurrency era.
Troia Was Unable to Provide U.S. Department of Justice Authorization for His Activities, Resulting in the Suspension of His Coinbase Account
Night Lion Security employee Vinny Troia was recently contacted and questioned about the purpose of his account with Coinbase. Troia’s employment sometime required him to pay ransoms on behalf of clients who had been the victim of ransomware attacks such as Wannacry – which recently had a severe impact upon businesses and institutions across the globe.
Assisting in Bitcoin Purchases for Ransomware May Be Illegal in the US
When Troia was unable to provide U.S. Department of Justice authorization for his activities, Coinbase suspended his account. Troia attempted to open new accounts under the identities of family members, which were also quickly shut down.
The suspension was due to Troia sending of funds to a malicious illegitimate entity – which is considered to be in violations of Coinbase policies intended to ensure anti-money laundering and other anti-criminal regulations.
More on subject:
https://news.bitcoin.com/assisting-in-bitcoin-purchases-for-ransomware-may-be-illegal-in-the-us/
