U.S. Sanctions Crypto Mixer Linked to North Korean Money Laundering
The U.S. government has announced sanctions against a crypto mixing protocol, alleging its involvement in assisting North Korea to launder hundreds of millions in stolen digital assets.
According to a recent announcement from the U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) sanctioned Sinbad, a crypto tumbler, for allegedly assisting the Lazarus Group, a North Korean hacking ring, in cleansing stolen funds.
Sinbad, which operates within the Bitcoin (BTC) sphere, aims to obscure user identities by blending their digital assets with other random tokens in a shared pool.
Deputy Secretary of the Treasury Wally Adeyemo stated that services like Sinbad, enabling criminal entities like the Lazarus Group to cleanse stolen assets, would face severe consequences.
Deputy Secretary of the Treasury Wally Adeyemo expressed serious concern about services like Sinbad, emphasizing their role in enabling criminal entities like the Lazarus Group to cleanse stolen assets.
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Adeyemo underscored that such services would face severe consequences. He noted the Treasury’s readiness, alongside government partners, to employ all available tools and measures to prevent virtual currency mixers from facilitating illegal activities.
While advocating for responsible innovation in the digital asset domain, they are determined to take decisive action against any entities engaging in unlawful practices.
This stance reaffirms the commitment to ensuring the integrity of the financial system and combating illicit financial activities in the digital space.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
