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Investing.com -- The U.S. Treasury announced on Wednesday that it is imposing sanctions on a Shanghai-based company and its owner due to allegations of data theft and sale from highly sensitive U.S. critical infrastructure networks.
The Shanghai Heiying Information Technology Company and its founder, Zhoun Shuai, are facing penalties for allegedly selling illegally obtained data and access to compromised computer networks. The Treasury’s statement outlines that some of this data was subsequently bought by Yin Kecheng, a Chinese hacker who was previously sanctioned and implicated in data theft from the U.S. Treasury.
The U.S. government’s actions are a response to the alleged illegal activities of the Shanghai-based tech firm and its founder. The sanctions aim to penalize and deter such activities, which are seen as a threat to the security of critical U.S. infrastructure networks.
The details of the sanctions and their potential impacts on the Shanghai Heiying Information Technology Company and Zhoun Shuai have not been disclosed. However, typically, U.S. sanctions involve freezing assets under U.S. jurisdiction and prohibiting American individuals or entities from doing business with the sanctioned parties.
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