Elliptic Reports that Blender Rebrands as Sinbad

Elliptic has reported that coin mixing service Blender has rebranded as Sinbad based on similarities of both platforms.

According to Elliptic, Sinbad has also been used by North Korean-sponsored crypto hackers, the Lazarus Group.

Since its launch, Sinbad has been used to launder nearly $100 million in Bitcoin.

Blockchain analytics firm Elliptic has reported that Blender, the infamous coin mixer platform widely used by North Korean hackers, has likely rebranded itself as “Sinbad” based on several facts and similar operating patterns.

Infamous Coin Mixer Reinvents Itself

In a report published on Monday, February 13th, Elliptic noted that Blender, which had stopped operating in April 2022 after being sanctioned, has likely rebranded and relaunched as “Sinbad.”

According to Elliptic, Sinbad shares the same technology as the sanctioned Blender. In addition, the coin mixing service is being used by North Korean-sponsored crypto hackers, the Lazarus Group.

Elliptic explains that the on-chain behavior of both platforms is very similar, sharing the same “ten-digit mixer codes, guarantee letters, service address, and a maximum seven-day transaction delay.”

Sinbad Used to Launder Funds from Lazarus Hacks

According to Elliptic, the Lazarus Group began using the new coin-mixing platform shortly after Blender was shut down. The hackers used Sinbad “to launder the proceeds of Lazarus hacks.”

Elliptic notes that some of the funds from the $540 million the Lazarus Group stole from Ronin Bridge in March 2022 and the $100 million from the cross-chain bridge Horizon exploit in June 2022 have been funneled through Sinbad.

Blender was sanctioned by the U.S. Treasury and its Office of Foreign Assets Control (OFAC) in August 2022. According to Elliptic, since October 2022, Sinbad has been used to launder close to $100 million in Bitcoin.

Further blockchain analysis of wallets tied to a suspected Blender operator showed that $22 million worth of crypto had been funneled through Sinbad, among other funds sent to individuals who promoted the mixer.

Are Coin Mixers Only Used to Launder Funds?

Coin mixers are platforms that obfuscate the source and destination of transactions, allowing people to anonymously send and receive cryptocurrencies. This has made them particularly useful for criminals looking to launder funds.

However, despite their increasing use in money laundering and recent attention from enforcement, coin mixers have legitimate uses and can be used to perform private transactions.

On the Flipside

While North Korea mostly uses both coin-mixing platforms, Elliptic noted that they could be tied to Russia through their supported languages and websites.

Why You Should Care

While Sinbad may have rebranded to “gain trust from users” following Blender shutting down, the coin mixer may face similar sanctions as it operates similarly.

Read about the recent activities of the Lazarus Group below:
Microsoft Alerts Cryptocurrency Funds of Attacks Perpetrated by the Lazarus Group

The sanctioning of a coin mixing service is covered in:
Tornado Cash Crypto Mixer Blacklisted By U.S. Treasury Department

Text source: DailyCoin.com

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