WASHINGTON (Pakistan Point News / Sputnik - 05th April, 2023) The United States is sanctioning cybercrime website Genesis Market for its role in facilitating illegal activity, following the seizure of the site's domain Names by law enforcement earlier this week, the US Treasury Department said on Wednesday.
"Today, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) took action to designate Genesis Market, one of the world's largest illicit marketplaces, for its part in the theft and sale of device credentials and related sensitive information," the Treasury Department said in a statement.
On Tuesday, US law enforcement seized Genesis Market's domain names, replacing the website with a notice requesting users contact the FBI with information about the online marketplace.
The sanctions actions were coordinated with the US Justice Department and international partners from a dozen countries, who are taking legal action against Genesis Market users across multiple jurisdictions in addition to seizing its website domains, the statement said.
Genesis Market is one of the most prominent brokers of stolen credentials and other sensitive information, the statement said. There were approximately 460,000 packages of victim data for sale on the site as of February 1, 2023, the statement said.
The marketplace sells stolen credentials from leading US and international companies to facilitate cybercrimes against them, the statement said. Genesis Market has also been used by cybercriminals to target US government organizations, the statement said.
Genesis Market is believed to be operated out of Russia, the statement added.
The sanctions on Genesis Market expose persons that engage in transactions with the site to potential sanctions, the statement said.
The US and its international partners will not allow illicit marketplaces to operate with impunity, Under Secretary of Treasury for Terrorism and Financial Intelligence Brian Nelson said in the statement. Treasury will continue to work closely with law enforcement colleagues to disrupt and hold malign cyber actors accountable, Nelson added.
