Risk management firm Elliptic has released a report suggesting that Sinbad, a cryptocurrency mixer, was likely a rebrand of Blender, which was sanctioned by the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) in May.
According to Elliptic, Sinbad laundered around $100 million in Bitcoin for North Korea’s hacking group, Lazarus.
After U.S. authorities shut down crypto mixers such as Blender and Tornado Cash, Lazarus hackers used Sinbad to launder the funds from the $100 million attack on Horizon Bridge.
Elliptic speculated that the individuals behind Sinbad rebranded to gain trust from users after Blender was shut down.
