Harmony

Ronin

Tornado Cash

Axie Infinity

Tornado

Sinbad was used by North Korean cyber criminals to launder hundreds of millions stolen from some of crypto’s biggest hacks like Ronin Bridge and Atomic Wallet, said the Treasury. 
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against Sinbad, a cryptocurrency mixing service allegedly leveraged by bad actors including North Korea’s Lazarus Group for digital asset money laundering.&nbsp; 
Sinbad’s platform was used to funnel hundreds of millions of dollars in crypto looted from crypto’s largest exploits like the $600 million Axie Infinity Ronin Bridge hack, Atomic Wallet’s $100 billion breach, and Harmony Horizon’s $100 million loss, according to a Nov. 29 <a href="https://home.treasury.gov/news/press-releases/jy1933" target="_blank" rel="noopener">statement</a>. 
Due to OFAC sanctions, Sinbad’s website was shut down by a joint operation between the <a href="https://crypto.news/fbi-lazarus-group-hacked-and-stole-41m-from-crypto-casino-stake/">FBI</a>, the Dutch Financial Intelligence and Investigation Service and the Finnish National Bureau of Investigation. 
<blockquote class="wp-block-quote"> 
 Mixing services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will face serious consequences. <cite>Wally Adeyemo, Deputy Secretary of the Treasury</cite>
</blockquote> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="576" src="https://crypto.news/app/uploads/2023/11/Notice-of-Sinbad-website-seizure-1024x576.png" alt="Sinbad crypto mixer sanctioned by U.S. Treasury - 25" class="wp-image-14221819">
 <figcaption class="wp-element-caption">
 Notice of Sinbad website seizure | Source: <a href="https://sinbad.io/" target="_blank" rel="noopener">Sinbad.io</a>
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/unveiling-the-shadows-fincens-crackdown-on-crypto-mixers/"> Unveiling the shadows: FinCEN’s crackdown on crypto mixers </a> 
Restrictions on Sinbad follow enforcement actions against other crypto mixers like <a href="https://crypto.news/u-s-government-crypto-service-sanction-north-korea-launder-funds/">Blender.io</a> on May 6, 2022 and Tornado Cash on Nov. 8, 2022. The <a href="https://crypto.news/tornado-cash-case-crypto-anonymity-vs-regulation/">Tornado Cash</a> case extended to its developers Alexey Pertsev, Roman Semenov and Roman Storm. All three co-founders face litigation in jurisdictions in the U.S. and the Netherlands. 
Departments within the Treasury, such as the Financial Crimes Enforcement Network, have also scrutinized crypto mixers, dubbing them a “<a href="https://crypto.news/us-says-crypto-mixers-threaten-national-security-amid-middle-east-conflict/">national security threat</a>” and calling for tighter rules around monitoring of these platforms.&nbsp; 
This caps wide-ranging regulatory actions in the U.S. against what watchdog refers to as non-compliant crypto actors with lax procedures for combating the misuse of their technology. 
 Read more: <a href="https://crypto.news/coin-center-losses-its-legal-fight-against-u-s-treasury-over-tornado-cash-sanctions/"> Coin Center losses legal fight against U.S. Treasury over Tornado Cash sanctions </a>

Sinbad crypto mixer sanctioned by U.S. Treasury

crypto.news

Other articles published on Nov 29, 2023

Cristiano Ronaldo Entangled in Binance Lawsuit Amid Management Update to Community

IOTA Rolls Out $100M Abu Dhabi Foundation, Targets Middle East

Shiba Inu Price Prediction as Four Major Updates Teased – Can SHIB Reach $10?

Exploring the Rise of SEI Coin in the Cryptocurrency Market

Coinbase’s BTC trading premium hints at US market bullishness

Project Tourbillon: CBDCs Can Meet Privacy Requirements, BIS Research Reveals

Join our free newsletter for daily crypto updates!