Risk management firm Elliptic claims that the relaunched cryptocurrency mixer Sinbad is likely a rebrand of the Blender mixer sanctioned by the US Department of the Treasury’s Office of Foreign Assets Control in May.
Elliptic’s analysis showed that Sinbad had “the same individual or group responsible for it,” and had laundered around $100 million in Bitcoin for North Korea’s hacking group, Lazarus.
The firm said that Sinbad’s on-chain behavior was similar to Blender, and speculated that the rebranding may have been an attempt to “gain trust from users” after Blender was shut down.
Elliptic also suggested that OFAC may consider imposing sanctions on the crypto mixer.
