US Treasury sanctions crypto mixer Sinbad, alleging North Korea ties
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has imposed sanctions on cryptocurrency mixer Sinbad for allegedly laundering funds for North Korean hacking group Lazarus. According to OFAC, Sinbad processed millions of cryptocurrency dollars from various Lazarus Group hacks, resulting in a combined loss of approximately $820 million. These hacks include incidents at Horizon Bridge, Axie Infinity's Ronin Bridge, and Atomic Wallet. Various international investigation agencies have seized Sinbad's website. OFAC aims to bring positive change, rather than punishment, through these sanctions. It is not clear how cryptocurrency investors will react to these sanctions. In the past, sanctions led to legal action by those who felt the department overstepped its authority.
