Treasury sanctions crypto mixer Sinbad after money laundering accusations

The US Department of the Treasury has sanctioned a cryptocurrency mixing service the government claims is a key money-laundering tool for the Lazarus Group. 

“Sinbad has processed millions of dollars’ worth of virtual currency from Lazarus Group heists, including the Horizon Bridge and Axie Infinity heists,” the Office of Foreign Asset Control (OFAC), the Treasury’s department that oversees sanctions, said in a statement Wednesday. 

Sinbad.io, a cryptocurrency mixing service created by an anonymous founder, became a favorite for North Korean-state sponsored hacking organization Lazarus in 2022, researchers from analytics firm Chainalysis said in its last annual report….

Read more on Blockworks

24K Reads