Wally

Tornado Cash

Axie Infinity

Tornado

Coin

The U.S. Treasury Department has sanctioned the cryptocurrency mixing service Sinbad.io (Sinbad) for its role in enabling money laundering by North Korean state-sponsored hacking groups, according to a Nov. 29 <a href="https://home.treasury.gov/news/press-releases/jy1933" rel="noopener noreferrer nofollow">press release</a>.
According to the Treasury Department, Sinbad has allegedly processed millions of dollars worth of cryptocurrency stolen in high-profile cyberattacks attributed to the North Korea-linked hacking group Lazarus Group. The Lazarus Group was previously sanctioned in 2019 for its cyber-attacks, which have reportedly yielded over $2 billion in stolen digital assets over the past decade.
Specifically, Sinbad has been linked to laundering funds from the recent $100 million hack of cryptocurrency wallet provider <a href="https://cryptoslate.com/elliptic-analysis-reveals-over-100m-stolen-from-atomic-wallet/" rel="noopener noreferrer nofollow">Atomic Wallet</a> and last year’s $620 million <a href="https://cryptoslate.com/axie-infinity-developers-ronin-network-loses-615-million-to-hackers/" rel="noopener noreferrer nofollow">Axie Infinity hack</a> and $100 million <a href="https://cryptoslate.com/fbi-lazarus-group-carried-out-horizon-attack/" rel="noopener noreferrer nofollow">Horizon Bridge exploit.</a>
“Mixing services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will face serious consequences,” said Deputy Treasury Secretary Wally Adeyemo, adding that “The Treasury Department and its U.S. government partners stand ready to deploy all tools at their disposal to prevent virtual currency mixers, like Sinbad, from facilitating illicit activities.”
The Treasury Department’s sanctioning of Sinbad comes after previous actions taken this year against the cryptocurrency mixers Blender.io and <a href="https://cryptoslate.com/coins/tornado-cash/" rel="noopener noreferrer nofollow">Tornado Cash</a> for enabling Lazarus Group money laundering. Some industry experts believe Sinbad to be a successor to Blender.io, but this is not proven.
<h2 id="ongoing-crackdown">Ongoing crackdown</h2>
The Treasury has intensified its crackdown on cryptocurrency mixers since its first major action <a href="https://home.treasury.gov/news/press-releases/jy0916" rel="noopener noreferrer nofollow">sanctioning</a> Tornado Cash in August 2022 over money laundering concerns related to North Korea. Tornado Cash, which had laundered over $7 billion since 2019, was sanctioned for processing funds stolen by the North Korean hacking group Lazarus Group.
The developers of Tornado Cash have faced legal repercussions as well. Co-founders Roman Storm and Roman Semenov were <a href="https://cryptoslate.com/tornado-cash-founders-charged-by-doj-one-sanctioned-by-u-s-treasury/" rel="noopener noreferrer nofollow">charged</a> in August 2023 with conspiracy to commit money laundering, sanctions violations, and operating an unlicensed money transmitter. Storm was arrested, while Semenov remains at large.
Crypto advocacy group Coin Center filed a lawsuit against the Treasury, claiming the Tornado Cash sanctions violated privacy rights and represented government overreach. However, a federal judge <a href="https://cryptoslate.com/court-dismisses-coin-centers-tornado-cash-lawsuit-against-us-treasury/" rel="noopener noreferrer nofollow">dismissed</a> the case in November, ruling that there is no constitutionally protected right to use a particular financial tool for donations under the First Amendment.
Additionally, Deputy Treasury Secretary Wally Adeyemo gave an <a href="https://cryptoslate.com/deputy-treasury-secretary-warns-crypto-companies-not-to-neglect-safeguarding-against-illicit-finance/" rel="noopener noreferrer nofollow">ominous speech</a> in October warning digital asset companies that “if they do not act to prevent illicit financial flows, the United States and our partners will.” This indicates the Treasury’s intent to continue targeting services enabling sanctions evasion and money laundering. The Treasury recently designated crypto mixer transactions as a <a href="https://cryptoslate.com/u-s-treasury-targets-crypto-mixer-transactions-as-new-class-of-primary-money-laundering-concern/" rel="noopener noreferrer nofollow">new class</a> of “primary money laundering concern.
The post <a href="https://cryptoslate.com/u-s-treasury-sanctions-sinbad-mixer-citing-money-laundering-by-north-koreas-lazarus-group/" rel="noopener noreferrer nofollow">U.S. Treasury sanctions Sinbad mixer, citing money laundering by North Korea’s Lazarus Group</a> appeared first on <a href="https://cryptoslate.com" rel="noopener noreferrer nofollow">CryptoSlate</a>.

U.S. Treasury sanctions Sinbad mixer, citing money laundering by North Korea’s Lazarus Group

목차

CryptoSlate

2023년 11월 29일에 게재된 다른 기사

Defi platforms Aerodrome and Velodrome hit by front-end cyberattacks

XRP TECHNICAL ANALYSIS-DOLLAR 0.611: Shrinkage Threat or Renewal Spark

Crypto Donations Soar as Charity Campaign Nears Goal

U.S. Treasury sanctions Sinbad, a crypto mixer tied to North Korean hacks

Blur (BLUR) Price Prediction 2025, 2030, 2040 and 2050

Bitcoin Miner CleanSpark Might Still Be Drawing Fossil Energy

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!