US Treasury sanctions crypto mixer Sinbad, alleging ties to North Korea

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The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on cryptocurrency mixer Sinbad, alleging that the platform was responsible for laundering funds for the South Korea-based hacking group. North, Lazarus.

In a November 29 announcement, OFAC said Sinbad had “processed millions of dollars in virtual currency from the Lazarus Group heists”, including the June 2022 Horizon Bridge hack, the March 2022 hack of Axie Infinity’s Ronin Bridge, and the Atomic hack Wallet in June 2023. The hacks resulted in a total loss of around $850 million at the time.

“The mix of services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will result in serious consequences,” said Deputy Treasury Secretary Wally Adeyemo. “The Department of the Treasury and its U.S. government partners are prepared to deploy every tool at their disposal to prevent virtual currency mixers, like Sinbad, from facilitating illicit activities.”

Screenshot of Sinbad.io as of November 29

This is a developing story and more information will be added as it becomes available.