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US government sanctioning Chinese tech company for Treasury hack


The United States government is imposing sanctions on Yin Kecheng, a Shanghai-based tech company that is believed to be involved in the recent hack of the Department of the Treasury.

“Yin Kecheng has been a cyber actor for over a decade and is affiliated with the People’s Republic of China Ministry of State Security (MSS),” the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) says in a statement.

According to the agency, the Chinese tech company was associated with the recent compromise of OFAC and the Department of the Treasury’s Office of Financial Research. Therefore it poses a ‘significant threat’ to the national security, foreign policy, and economic health of the United States.

Last December, the Department of the Treasury informed the public that a state-sponsored hacking group from China called Salt Typhoon had gained access to a key used by BeyondTrust to secure a cloud-based service used to remotely provide technical support for Treasury end users.

Because of this, the attackers were able to override the service’s security and view unclassified documents. As of writing, there’s no indication that any sensitive information was stolen. Nevertheless, officials are considering and handling the matter as a ‘major cybersecurity incident.’

In addition, OFAC has announced sanctions against Sichuan Juxinhe Network Technology, a Sichuan-based cybersecurity company with direct involvement in the Salt Typhoon cyber group. This Chinese hacking group is linked to security and data breaches at T-Mobile, AT&T, Verizon and several other telecommunications companies.

“Sichuan Juxinhe Network Technology had direct involvement in the exploitation of these US telecommunication and internet service provider companies. China’s Ministry of State Security has maintained strong ties with multiple computer network exploitation companies, including Sichuan Juxinhe,” the Treasury Department claims.

Because of the sanctions that are imposed by the Treasury Department on Yin Kecheng and Sichuan Juxinhe Network Technology, all property and financial assets located in the United States or in possession of US entities are being blocked. In addition, American companies are prohibited from doing business with the Chinese tech company and cybersecurity firm without OFAC’s explicit authorization.

“The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior,” OFAC concludes.


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