Crypto mixer Blender has been rebranded to Sinbad, says Elliptic

Blender, the cryptocurrency mixer sanctioned by the United States Department of the Treasury’s Office of Foreign Assets Control successful May 2022, was “highly likely” relaunched arsenic Sinbad, according to hazard absorption steadfast Elliptic.

In a Feb. 13 report, Elliptic said its investigation of Sinbad suggested that the crypto mixer was apt a rebrand of Blender arsenic good arsenic having “the aforesaid idiosyncratic oregon radical liable for it.” According to the firm, Sinbad was down laundering astir $100 cardinal successful Bitcoin (BTC) for North Korea’s hacking radical Lazarus.

Elliptic said pursuing U.S. authorities cracking down connected crypto mixers — arsenic OFAC did with Tornado Cash successful August and Blender successful May — Lazarus hackers utilized Sinbad to launder immoderate of the funds from the $100-million attack connected Horizon Bridge successful January. Blockchain investigation of wallets tied to a suspected Blender relation besides showed $22 cardinal successful crypto going to Sinbad and different funds sent to individuals who promoted the mixer.

“The on-chain signifier of behaviour is precise akin for some mixers, including the circumstantial characteristics of transactions, and the usage of different services to obfuscate their transactions,” said Elliptic. “The mode successful which the Sinbad mixer operates is identical to Blender successful respective ways, including ten-digit mixer codes, warrant letters signed by the work address, and a maximum seven-day transaction delay.”

Source: Elliptic

Elliptic speculated that the individuals down Sinbad whitethorn person rebranded to “gain spot from users” pursuing Blender shutting down, adding that OFAC could see ordering sanctions connected the crypto mixer. The U.S. Treasury Department is already facing lawsuits for its sanctions connected Tornado Cash.

Related: Into the storm: The murky satellite of cryptocurrency mixers

Lazarus has allegedly been liable for respective large attacks successful the crypto space, including a $620-million hack of Axie Infinity's Ronin Bridge successful March 2022. South Korea’s authorities has besides imposed its ain sanctions against North Korean entities tied to the theft of cryptocurrency.