February 21, 2024

US sanctions crypto mixer allegedly used by North Korea to launder money

Designation of Sinbad comes after US blacklisted its predecessor, even as DPRK continued to use service under new name

The U.S. announced new sanctions on Wednesday against a cryptocurrency mixer allegedly used by North Korean threat groups, despite previously blacklisting its likely predecessor over similar allegations.

The move raises questions about the effectiveness of U.S. designations on such decentralized cryptocurrency tools after a simple rebrand enabled DPRK cybercriminals to continue using the mixer.