The cryptocurrency mixing service Sinbad has been sanctioned by the U.S. Department of Treasury due to its use by the North Korean hacking group Lazarus as a means of money laundering.
A cryptocurrency mixer is a server that lets users deposit cryptocurrency. To help prevent precise tracking, the cryptocurrency is mixed and sent to numerous wallet addresses.
After the cryptocurrency is “mixed,” the mixing service transfers it to a different wallet address that belongs to the customer, taking a commission from the deposited amount.
Today, Sinbad.io (Sinbad) was sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC) due to allegations that North Korean hackers read more US seizes Sinbad crypto mixer used by North Korean Lazarus hackers.