crypto mixer - cryptoflashalerts
The Federal Bureau of Investigation (FBI), in coordination with the Dutch Financial Intelligence and Investigation Service and the Finnish National Bureau of Investigation, has seized Sinbad.io, a popular crypto mixing service. The U.S. Treasury Department has also taken action by blocking Sinbad from the global dollar financial system. It is alleged that Sinbad supported transactions linked to the Lazarus Group, a North Korean state-sponsored hacking group. This move is part of the U.S. government’s ongoing efforts to crack down on money laundering and illicit activities involving cryptocurrencies. Sinbad.io is considered a key tool used by the Lazarus Group for money laundering purposes. The Treasury’s Office of Foreign Assets Control (OFAC) has designated two Bitcoin addresses and two email addresses associated with Sinbad, thereby prohibiting any transactions involving them. It is reported that one of these addresses currently holds around 0.35 BTC, which is equivalent to $13,000. Over time, the address has received a total of more than 15 BTC, valued at approximately $570,000.
fed-sinbad-seized
According to investigations, Sinbad has been involved in processing funds obtained from hacking incidents, including the Horizon Bridge and Axie Infinity thefts. Additionally, it has facilitated activities such as sanctions evasion, drug trafficking, and the sale of illegal goods on darknet marketplaces. Sinbad began advertising as a mixer in October 2022. This is not the first instance of the U.S. Treasury Department targeting crypto mixers for facilitating illicit activities. Last year, Tornado Cash faced similar allegations. It is a clear indication of the government’s determination to prevent criminal actors from exploiting cryptocurrencies for illicit purposes. The seizure of Sinbad.io by the FBI, along with the blocking of its access to the global dollar financial system by the U.S. Treasury Department, demonstrates the U.S. government’s commitment to combating money laundering and illicit activities in the crypto space. Sinbad’s alleged involvement in assisting the Lazarus Group in laundering funds is a significant development. This action sends a strong message that entities engaged in facilitating illicit cryptocurrency transactions will face severe consequences.

By Joane

Leave a Reply

Your email address will not be published. Required fields are marked *