US Treasury Sanctions Sinbad Crypto Mixer for North Korean Money Laundering
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Sinbad.io, a virtual currency mixer used by the Lazarus Group, a state-sponsored cyber hacking group from North Korea, to launder stolen virtual currency. Sinbad has processed millions of dollars' worth of virtual currency from Lazarus Group heists and is also used for illicit activities such as sanctions evasion, drug trafficking, and the purchase of child sexual abuse materials. This designation builds on previous actions taken by OFAC to expose elements of the virtual currency ecosystem used by malicious cyber actors.