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US Treasury sanctions Sinbad cryptocurrency mixer used by North Korean hackers

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US Treasury sanctions Sinbad cryptocurrency mixer used by North Korean hackers

The U.S. Treasury Department on Wednesday sanctioned a popular cryptocurrency mixer used to launder funds stolen by hackers connected to the North Korean government.

The Treasury Department’s Office of Foreign Assets Control (OFAC) announced new sanctions on Sinbad.io, which officials said has been used by North Korea’s Lazarus Group to process millions of dollars’ worth of virtual currency stolen during attacks over the last two years including incidents involving Horizon Bridge and Axie Infinity.

The cryptocurrency mixer is also used by cybercriminals to make it difficult for investigators to track transactions related to 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 platform’s website was also seized and replaced with a banner from several law enforcement agencies including the FBI, The Department of Justice, Finland’s National Bureau of Investigation and other international agencies.

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U.S. officials said Sinbad is the “preferred mixing service” for the Lazarus Group — which has been behind several of the largest crypto hacks in recent years. The Sinbad platform obfuscates the origin, destination and parties involved in illicit transactions, with experts noting that it is likely a successor to Blender.io — another mixer sanctioned by OFAC last year.

The Treasury Department and blockchain research firm Elliptic said there are infrastructure ties between Blender.io and Sinbad, including shared cryptocurrency wallets and more.

According to the Treasury Department, North Korean hackers used it to launder a chunk of the $100 million stolen on June 3 from customers of Atomic Wallet, as well as significant portions of the more than $620 million stolen from Axie Infinity and the $100 million taken from Horizon Bridge — two of the largest crypto thefts on record.

Lazarus Group has been operating for more than 10 years, and according to U.S. officials has stolen over $2 billion worth of cryptocurrency to help fund the North Korean government’s activities — including its weapons of mass destruction and ballistic missile programs. The group itself was sanctioned by OFAC in 2019.

The OFAC sanctions announced on Wednesday mean U.S. citizens are banned from dealing with Sinbad in any way. Anyone caught doing business with the platform may be exposed to sanctions as well, they added.

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The Treasury Department has sought to limit the ability of state-backed actors and cybercriminals to use cryptocurrency mixing services through sanctions in the last two years. U.S. law enforcement agencies have shut down or sanctioned several platforms, including Blender.io, Tornado Cash, and others.

Blockchain research firm Elliptic noted that they have found thousands of additional addresses connected to this mixer.

“As well as the hacks mentioned by the US Treasury in the press release, Sinbad has also been used to launder some of the proceeds of other major hacks including thefts from Stake.com (September 2023, $41 million), CoinEx (September 2023, $70 million), FTX ($477 million, November 2022), BadgerDAO (December 2021, $120 million) and more,” they said.

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ZIUM Launches to Revolutionize Instagram and Cryptocurrency Solutions

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ZIUM Launches to Revolutionize Instagram and Cryptocurrency Solutions

Zagreb, Croatia–(Newsfile Corp. – January 12, 2025) – ZIUM, a cutting-edge agency founded to tackle some of the most pressing challenges in social media and digital marketing, is now officially open for business. Specializing in Instagram username claims, account unbans, and cryptocurrency marketing, ZIUM has positioned itself as a trusted partner for individuals and businesses seeking innovative solutions in the digital age.

The agency operates at the intersection of technology, social media, and blockchain marketing, empowering clients to unlock their full potential online. With a dedicated team of experts and a results-driven approach, ZIUM is redefining the way people navigate the ever-changing online landscape.


ZIUM

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A New Era of Digital Problem Solving
ZIUM’s services address real-world challenges in today’s digital ecosystem. Instagram, one of the largest and most influential social platforms, has become a critical tool for personal branding, business promotion, and community engagement. However, issues such as unavailable usernames or unfair account suspensions can hinder growth and cause frustration. ZIUM steps in to provide solutions that are fast, efficient, and tailored to each client’s needs.

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Additionally, ZIUM excels in cryptocurrency marketing, offering projects and startups a strategic edge in the fast-paced blockchain industry. By combining deep knowledge of crypto trends with cutting-edge marketing strategies, the agency helps blockchain projects stand out in an increasingly crowded market.

Core Services Offered by ZIUM

  1. Instagram Username Claims
    In the crowded social media space, having the perfect Instagram username can make all the difference. Whether it’s for a brand, influencer, or business, ZIUM specializes in acquiring sought-after usernames to align with clients’ goals and identities. The agency handles the process from start to finish, ensuring a smooth and hassle-free experience.

  2. Instagram Account Unbans
    Account suspensions on Instagram can be devastating, especially for businesses and influencers relying on the platform for engagement and revenue. ZIUM offers expert account recovery services, helping clients navigate Instagram’s policies to regain access to their accounts quickly and effectively.

  3. Cryptocurrency Marketing
    The cryptocurrency space is highly competitive, and visibility is key. ZIUM provides end-to-end marketing strategies tailored to blockchain projects, ensuring they reach the right audience. From brand development to targeted campaigns, ZIUM helps crypto ventures grow and thrive in an ever-evolving market.

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Donald Trump Embraces Meme Coins—A Presidential First

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Donald Trump Embraces Meme Coins—A Presidential First

Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.

Trump: A Significant Crypto Portfolio

Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.

In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.

From Skepticism To Support

Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.

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Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.

BTC is currently trading at $94,144. Chart: TradingView

Implications For Regulation

Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.

Trump

Donald Trump. Image: Ronda Churchill/Reuters

The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.

Meme Coin Boom

The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.

Featured image from Fortanix, chart from TradingView

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Scammers steal $2 million in cryptocurrency from remote work seekers in New York, Florida 

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Scammers steal  million in cryptocurrency from remote work seekers in New York, Florida 

Scammers stole millions of dollars in cryptocurrency from remote job seekers in an elaborate scheme. New York Attorney General Letitia James has filed a lawsuit to recover over $2 million that she said was stolen from New Yorkers and others nationwide.

Scammers used unsolicited text messages to lure victims with promises of flexible, well-paying remote work opportunities. They claimed the job involved reviewing products online to generate market data. However, victims were told to open cryptocurrency accounts and maintain balances matching the price of products they were reviewing.

While victims believed they would receive their investments plus commissions, the funds were instead transferred into the scammers’ crypto wallets. The fake product reviews took place on a fraudulent website created as part of the scheme.

The lawsuit details seven people who were scammed. One victim, a New Yorker, lost over $100,000 while another victim from Florida lost over $300,000. These cases show the significant financial and emotional impact on the victims.

James’ office, working with Queens District Attorney Melinda Katz and her cryptocurrency unit, traced the stolen funds to specific digital wallets. Over $2 million in cryptocurrency has been frozen, ensuring it can be returned to victims.

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“Deceiving individuals seeking remote work is cruel and unacceptable,” said James. “We’re committed to holding scammers accountable and recovering stolen funds.”

Published By:

indiatodayglobal

Published On:

Jan 12, 2025

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