Wednesday

Bitcoin

Axie Infinity

<figure> 
 <figcaption>
  Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
<p>The US Treasury Department's Office of Foreign Assets Control (OFAC) has taken decisive action against the Bitcoin mixer Sinbad.io, <a href="https://www.elliptic.co/blog/sinbad-crypto-mixer-flagged-by-elliptic-sanctioned-and-seized?utm_content=273536389&amp;utm_medium=social&amp;utm_source=twitter&amp;hss_channel=tw-1344645140">sanctioning</a> it on Wednesday for its alleged role in facilitating North Korean money laundering activities.&nbsp;</p>
<p>Accompanying this sanction, the Sinbad website now bears a seizure notice. Elliptic Research has identified two Bitcoin addresses directly associated with Sinbad in the OFAC's designation while also noting the existence of thousands more potentially linked to the mixer.</p>
<p>Sinbad has been implicated in several major cyber thefts, including the high-profile Harmony’s Horizon bridge and Axie Infinity bridge hacks in 2022.</p>
<p>The Treasury's investigation links Sinbad to the <a href="https://u.today/north-korean-state-sponsored-lazarus-group-estimated-to-have-caused-17b-in-crypto-hacks">Lazarus Group</a>, a notorious state-sponsored cyber hacking group from North Korea. Sinbad has not only been used in these specific hacks but also in laundering proceeds from other major thefts such as Stake.com, CoinEx, FTX, and BadgerDAO.</p>
<h2 id="sinbad-s-ties-to-blender-io">Sinbad's ties to Blender.io</h2>
<p>Elliptic's early 2023 research suggested that Sinbad could be a rebranded version of Blender.io, the first-ever cryptocurrency mixer to face OFAC sanctions in May 2022. Blender.io was penalized for laundering millions on behalf of North Korea's Lazarus Group. The similarities between Sinbad and Blender are striking, with evidence suggesting the same individuals or group may be operating both platforms.&nbsp;</p>
<p>This includes matching transaction patterns, service structures, language use, and even website designs, all pointing to a strong connection between the two mixers.</p>
<h2 id="rising-crypto-crime-in-north-korea">Rising crypto crime in North Korea&nbsp;</h2>
<p>The proliferation of crypto crime in North Korea has been a growing concern, with the US taking proactive measures to combat these illicit activities. The sanctioning of Sinbad is part of a broader strategy to disrupt the financial mechanisms used by groups like the Lazarus Group. By targeting these crypto mixers, the US aims to curb the laundering of stolen funds, which are often used to finance state-sponsored activities, including cyber warfare and nuclear program development.</p>

North Korea-Linked Crypto Mixer Gets in US Crosshairs

Table of Contents

U_Today

Other articles published on Nov 29, 2023

Interactive Brokers taps OSL for retail crypto trading in Hong Kong

Bitcoin Velocity Hits All-Time Low, Dormant BTC Reaches 70%

ChatGPT’s Top Picks For Big Gains Before 2023 Ends: Tron (TRX), Dogecoin (DOGE), Everlodge (ELDG)

Bitcoin Futures Open Interest In CME Rose To Record Highs: Here Comes The Big Boys

The Surge of Crypto ETPs: A New Dawn in Asset Management

Paxos Receives Approval To Issue Stablecoins In Abu Dhabi

Join our free newsletter for daily crypto updates!