2023.12.01
U.S. Treasury Sanctions Sinbad for Aiding North Korean Cyber Laundering Scheme
The U.S. Treasury sanctioned the Sinbad site for allegedly helping North Korea's Lazarus Group launder $100 million in stolen Bitcoin using a mixer called Sinbad. Sinbad hides cryptocurrency trails, making tracking difficult. These sanctions freeze Sinbad's U.S. assets and bar U.S. dealings with the company. North Korean hackers, including Lazarus, reportedly stole $1.7 billion in cryptocurrency to support the country's nuclear program. The move aims to curb cryptocurrency mixers aiding illicit activities linked to North Korea's cyber operations.
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