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US Sanctions Crypto Mixer Linked to North Korean Money Laundering


US Sanctions Crypto Mixer Linked to North Korean Money Laundering

US Sanctions Crypto Mixer Linked to North Korean Money Laundering

The United States has imposed sanctions on crypto mixer Sinbad.io, alleging its involvement in money laundering schemes for hackers affiliated with the North Korean government. Crypto mixers enable users to obscure transactions, and they have been exploited by hackers attempting to convert cryptocurrency into traditional currency. The US Treasury Department took action against Sinbad.io, stating that the mixer has processed millions of dollars in virtual currency stolen by a hacking group already under sanctions. Deputy Treasury Secretary Wally Adeyemo emphasized the consequences for mixing services facilitating criminal actors, such as the Lazarus Group. Adeyemo expressed support for responsible innovation in the digital asset ecosystem but emphasized that illicit actors would face decisive action. State Department spokesman Matthew Miller highlighted North Korea’s aggressive cyber-theft campaign, which has been flagged for contributing funds to the country’s nuclear and ballistic missile programs. Last year, the US sanctioned Blender.io, another virtual currency mixer associated with the Lazarus Group, and Sinbad.io is considered by some experts as its successor. Sinbad.io allegedly laundered a significant portion of the $100 million virtual currency stolen from Atomic Wallet customers in June and played a role in laundering virtual currency from a $620 million heist last year.


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