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    Home » Feds seize Sinbad crypto mixer allegedly used by North Korean hackers
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    Feds seize Sinbad crypto mixer allegedly used by North Korean hackers

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    Feds seize Sinbad crypto mixer allegedly used by North Korean hackers
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    As a part of a world regulation enforcement investigation, the FBI and the Dutch Financial Intelligence and Investigation Service have seized the web sites of a crypto mixer that was allegedly used by North Korean hackers and a number of other cybercriminals to launder stolen funds and obfuscate transactions.

    On Wednesday, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the federal government’s division that administers and enforces sanctions towards international individuals and organizations, introduced that it had sanctioned Sinbad, a Bitcoin mixer that “serves as a key money-laundering tool” for the Lazarus Group, a prolific hacking group broadly believed to be working for the North Korean authorities.

    OFAC mentioned in an announcement that the Sinbad crypto mixer processed “millions of dollars’ worth of virtual currency from Lazarus Group heists,” together with a part of the proceeds from the huge 2022 hacks of Horizon Bridge and Axie Infinity, which resulted in $100 million and $625 million, respectively.

    “Mixing services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will face serious consequences,” U.S. Deputy Secretary of the Treasury Wally Adeyemo was quoted as saying within the press launch. “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. While we encourage responsible innovation in the digital asset ecosystem, we will not hesitate to take action against illicit actors.”

    The FBI didn’t instantly reply to a request for remark. A spokesperson for the Department of Justice declined to remark.

    Cryptocurrency monitoring agency Elliptic beforehand mentioned that the Lazarus Group was laundering the crypto they stole from Atomic Wallet on Sinbad. Atomic Wallet is a decentralized pockets, which mentioned in June that round 50,000 of its prospects had cryptocurrency stolen in a hack, leading to an total lack of $35 million.

    Tom Robinson, the chief scientist and co-founder of Elliptic, informed Ztoog that Sinbad was used to launder funds stolen within the hacks of Stake.com ($41 million), CoinEx ($70 million), FTX ($477 million), BadgerDAO ($120 million) and others.

    Sinbad web sites started displaying an FBI seizure discover on Wednesday.

    In February, the founding father of Sinbad, who requested to be named Mehdi, informed Wired that, “Sinbad is present in clearnet because it doesn’t do anything bad.”

    According to Bleeping Computer, Sinbad’s darkish site can also be not operational.

    Sinbad is the most recent in a rising listing of crypto mixers which have been sanctioned by the U.S. authorities, together with Tornado Cash and Blender.io. In its press launch, OFAC mentioned Sinbad “indiscriminately facilitates illicit transactions.”

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