Blender Rebrands as Sinbad, Continues North Korean Ties
According to a recent report from analytics firm Elliptic, the popular coin mixer, Blender, has likely rebranded as “Sinbad” and could still be in use among North Korean groups. Despite Blender ceasing operations in April 2022, Elliptic has discovered several similarities between Sinbad and Blender, including on-chain behavior and website features.
Lazarus Group Continues to Utilize Sinbad for Money Laundering
In March 2022, the notorious Lazarus group attacked Ronin Bridge, associated with the blockchain game Axie Infinity, stealing over $540 million. The group then laundered $475 million of that amount through various coin mixers, including Blender. In June 2022, Lazarus attacked the cross-chain bridge Horizon, stealing another $100 million, which was later laundered through Sinbad when it went live in October.
Sinbad Faces Potential Sanctions
Elliptic notes that Sinbad could face similar sanctions to Blender and that both Blender and Sinbad addresses have already been flagged in its compliance services. Despite their illicit uses, coin mixers do have legitimate purposes, such as allowing private transactions.