The U.S. Treasury Department has imposed sanctions on the cryptocurrency mixing service Sinbad.io for its involvement in facilitating money laundering activities by North Korean state-sponsored hacking groups. Sinbad is accused of processing millions of dollars worth of cryptocurrency stolen in cyberattacks attributed to the Lazarus Group, a North Korea-linked hacking group. The Treasury Department claims that Sinbad has been involved in laundering funds from high-profile hacks, including the recent $100 million theft from Atomic Wallet, the $620 million Axie Infinity hack, and the $100 million Horizon Bridge exploit. Deputy Treasury Secretary Wally Adeyemo warned that mixing services like Sinbad that enable criminal actors to launder stolen assets will face serious consequences. This action follows previous sanctions against cryptocurrency mixers Blender.io and Tornado Cash for their involvement in Lazarus Group money laundering. The Treasury Department’s crackdown on cryptocurrency mixers is part of its efforts to prevent virtual currency mixers from facilitating illicit activities.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Roman Semenov, Roman Storm, Wally Adeyemo |
| Companies | North Korea’s Lazarus Group, Treasury Department, Atomic Wallet, Axie Infinity, Coin Center, Horizon Bridge, Tornado Cash, Blender.io, Sinbad.io |
| Currencies | None |
| Securities | None |
