Elliptic: Crypto Mixer Blender has been rebranded to Sinbad

Risk management firm Elliptic reports that Blender, the cryptocurrency mixer sanctioned by the US Treasury Department in May, has “most likely” been relaunched under the name Sinbad.

Sinbad most likely a Blender rebrand

Elliptic has on February 13 reported that their analysis showed that Sinbad was most likely a Blender rebrand, and that “the same person or group” was responsible for it. The company alleges that Sinbad was involved in laundering approximately $100 million worth of Bitcoin for the North Korean hacking group Lazarus.

Following US authorities’ crackdown on crypto miners like Tornado Cash in August and Blender in May, Lazarus hacker group used Sinbad to launder some of the money from the $100 million attack on Horizon Bridge in January, according to Elliptic . The company conducted blockchain analysis on wallets linked to a suspected Blender operator, which revealed $22 million in crypto was funneled to Sinbad and other funds were sent to individuals touting the mixer. Elliptic said the following:

The on-chain behavior pattern is very similar for both mixers, including the specifics of transactions and the use of other services to obscure their transactions. The way the Sinbad mixer works is identical to Blender in several ways, including 10-digit mixer codes, warranty letters signed by the service address, and a transaction delay of up to 7 days.

Regain trust

Elliptic suspects that the people behind Sinbad may have adopted a new name to regain “user trust” after Blender’s shutdown. The company adds that OFAC is considering imposing sanctions on the crypto mixer, while the US Treasury Department is already facing lawsuits over the sanctions against Tornado Cash.

Read Also:  Thousands of Crypto Wallets Exposed in Mass Hack

Lazarus has been blamed for several major attacks in the crypto space, including a $620 million hack of Axie Infinity’s Ronin Bridge in March. Finally, the South Korean government has also imposed sanctions on North Korean entities involved in cryptocurrency theft.

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