‘Virtual asset mixer’ Sinbad sanctioned
‘North Korea-supported’ Lazarus involved in money laundering
Lazarus estimated to steal $2 billion
The U.S. government has begun sanctions against a platform used to launder virtual assets (cryptocurrency) stolen by a cyber hacker group supported by the North Korean regime.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced on the 29th (local time) that it was sanctioning Sinbad, a virtual asset mixer used as a money laundering tool by the Lazarus Group, a North Korean-backed hacking organization.
Sinbad processed millions of dollars worth of virtual assets stolen by the Lazarus Group and is used to make it difficult to trace transactions related to malicious cyber activities, such as sanctions evasion, drug trafficking, and the purchase of child sexual exploitation material, the Treasury Department explained.
Virtual assets are designed so that transaction details are transparently disclosed, but by using a mixing service, transaction details can actually be hidden. Sinbad, which was sanctioned this time, is one of the representative companies that provide such mixing services.
The U.S. Treasury believes that a significant portion of the $100 million (approximately KRW 129.3 billion) in virtual assets stolen from Atomic Wallet last June was laundered through Sinbad. It was revealed that Sinbad was largely involved in laundering the $620 million stolen from Axi Infinite in March of last year and the $100 million stolen from Horizon Bridge in June of last year.
The U.S. government believes that the Lazarus Group has been conducting cyber hacking activities for more than 10 years and has stolen $2 billion in digital assets to date.
As the North Korean regime becomes difficult to raise funds due to US and UN sanctions, it relies on illegal cyber activities, such as the theft of virtual assets through the Lazarus Group, and continues to develop ballistic missiles and weapons of mass destruction (WMD).
“Mixing services will have serious consequences for criminals like the Lazarus Group by enabling them to launder stolen assets,” said Wally Adeyemo, Deputy Secretary of the Treasury. “We are prepared to mobilize all means to prevent this,” he emphasized.
If a person is subject to Treasury sanctions, economic activities in the United States or all economic activities involving the United States are effectively blocked. If it is revealed that you have transacted with someone subject to sanctions, you may also be subject to sanctions.
[워싱턴=뉴시스]
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.