The US Treasury’s Office of Foreign Assets Control (OFAC) sanctions cryptocurrency mixer Sinbad, alleging its involvement in money laundering for North Korean hackers, the Lazarus Group. The move follows Sinbad’s role in processing millions from high-profile crypto heists. Learn about the sanctions, seized assets, and the broader crackdown on crypto mixers.
The US Department of the Treasury’s OFAC has placed sanctions on cryptocurrency mixer Sinbad, accusing it of being a preferred choice for the Lazarus Group’s money laundering operations. Sinbad is alleged to have laundered substantial amounts from crypto heists, including those targeting Atomic Wallet, Axie Infinity, and Harmony’s Horizon Bridge. OFAC’s actions include adding Sinbad to the specially designated nationals (SDN) list and seizing its website in a joint effort with law enforcement agencies.
This marks the third crypto mixer sanctioned by OFAC, following actions against Blender and Tornado Cash. Sinbad, reportedly a rebranded Blender, now faces severe consequences for its role in enabling criminal actors to launder stolen assets. Wally Adeyemo, Deputy Secretary of the Treasury, emphasized the commitment to preventing virtual currency mixers from facilitating illicit activities, signaling a robust stance against such practices.