U.S. Slaps Sanctions on ‘Sinbad’: A Virtual Currency Used by bads
- The U.S. Treasury Department imposes sanctions against virtual currency mixer, Sinbad
- Sinbad is linked to the North Korea-based Lazarus Group
- It has processed millions of dollars from Lazarus Group heists, including the Horizon Bridge and Axie Infinity heists
Uncle Sam’s Chain on the Blockchain:
The U.S. Treasury Department has waved its regulatory wand and pronounced sanctions on Sinbad. If you’re thinking about a swashbuckling sailor, hold your horses! This Sinbad isn’t setting sail for adventure; instead, it’s a crypto mixer soaked in a sea of digital nefariousness. It’s been linked to the North Korea-based Lazarus Group, and the Treasury isn’t letting that slide.
Virtual Villainy: How the Grinch Stole Crypto
Sinbad, this modern-day sherpa of mischief, has reportedly ferried millions in ill-gotten gains from the Lazarus Group’s heists. The heists in question include notable names like Horizon Bridge and Axie Infinity. Imagine trying to pull off a virtual pantomime heist? Well, no need for flying cables; just get yourself a crypto mixer. Besides, pixels are lighter than gold!
The U.S. Treasury Department has put its foot down, or rather its regulatory hammer, on the virtual currency mixer, Sinbad, linked to the notorious Lazarus Group based in North Korea. Sinbad has been instrumental in handling the spoils from Lazarus Group’s digital raids, notably the Horizon Bridge and Axie Infinity heists. The actions of the Treasury Department underline that although crypto might be virtual, the repercussions of cryptic dealings are very much real.
Final Tech-Dadjoke Punchline:
It’s said that cryptocurrency is the best way to stay anonymous online, but with Sinbad sunk, it’s clear that even the stealthiest of ships have a digital wake. “Knock knock?” “Who’s there?” “Uncle Sam!” “Uncle Sam who?” “Uncle Sam, checking your crypto record, son!”
Original Article: https://thehackernews.com/2023/11/us-treasury-sanctions-sinbad.html