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U.S. Treasury Sanctions North Korean Government’s Crypto Mixer Sinbad
U.S. Treasury Sanctions North Korean Government’s Crypto Mixer Sinbad
According to a statement released Wednesday , the U.S. Treasury Department has placed sanctions on the government of North Korea’s crypto mixer, Sinbad.
“A key-money laundering tool”
Sinbad serves as “a key money-laundering tool” for the state-sponsored North Korean cyber-hacking collective Lazarus Group. The U.S. Treasury Department states Sinbad has processed millions of dollars worth of virtual currencies from heists conducted by the cyber-hacking group.
Moreover, Lazarus Group is accused of being utilized by cybercriminals “to obfuscate transactions linked to malign activities such as sanctions evasion, drug trafficking, the purchase of child sexual abuse materials, and additional illicit sales on darknet marketplaces.”
“Mixing services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will face serious consequences,” said Deputy Secretary of the Treasury Wally Adeyemo. “The Treasury Department and its U.S. government partners stand ready to deploy all tools at their disposal to prevent virtual currency mixers, like Sinbad, from facilitating illicit activities. While we encourage responsible innovation in the digital asset ecosystem, we will not hesitate to take action against illicit actors.”
OFAC sanctions
The Office of Foreign Assets Control (OFAC) previously sanctioned Lazarus Group alongside two sub-groups backed by the North Korean government, Bluenoroff and Andariel, in 2019.
U.S. Treasury Sanctions North Korean Government’s Crypto Mixer Sinbad
According to a statement released Wednesday , the U.S. Treasury Department has placed sanctions on the government of North Korea’s crypto mixer, Sinbad.
“A key-money laundering tool”
Sinbad serves as “a key money-laundering tool” for the state-sponsored North Korean cyber-hacking collective Lazarus Group. The U.S. Treasury Department states Sinbad has processed millions of dollars worth of virtual currencies from heists conducted by the cyber-hacking group.
Moreover, Lazarus Group is accused of being utilized by cybercriminals “to obfuscate transactions linked to malign activities such as sanctions evasion, drug trafficking, the purchase of child sexual abuse materials, and additional illicit sales on darknet marketplaces.”
“Mixing services that enable criminal actors, such as the Lazarus Group, to launder stolen assets will face serious consequences,” said Deputy Secretary of the Treasury Wally Adeyemo. “The Treasury Department and its U.S. government partners stand ready to deploy all tools at their disposal to prevent virtual currency mixers, like Sinbad, from facilitating illicit activities. While we encourage responsible innovation in the digital asset ecosystem, we will not hesitate to take action against illicit actors.”
OFAC sanctions
The Office of Foreign Assets Control (OFAC) previously sanctioned Lazarus Group alongside two sub-groups backed by the North Korean government, Bluenoroff and Andariel, in 2019.
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