Assets worth more than $35 million stolen as a result of the Atomic Wallet hack are being laundered by the hacker through the Sinbad.io cryptocurrency mixer, Elliptic experts found out.
The $35 million stolen from @AtomicWallet users is being laundered through Sinbad — the mixer fka(?) Blender and used heavily by NK’s Lazarus Grouphttps://t.co/UHCwfZiw8e
— Elliptic Investigations (@Elliptic_Inv) June 5, 2023
In previous investigations, experts determined that the service was actively used by the North Korean hacker group Lazarus Group. More than $100 million in funds related to it passed through Sinbad.io. This volume includes part of the assets from the Axie Infinity hack for ~$600 million and the attack on the Horizon cross-chain bridge with $100 million in damage.
Elliptic did not disclose the amount of Atomic Wallet user assets sent to the mixer. The company’s specialists only clarified that the attacker previously converted all cryptocurrencies into bitcoin.
According to the researchers, Sinbad is a clone of another mixer – Blender.io, through which the Lazarus Group also laundered funds. However, this service came under US Treasury sanctions in May 2022.
Elliptic experts said they will continue to track the stolen Atomic Wallet assets in cooperation with the wallet team and other parties, including exchanges and crypto companies.
Recall that in August, the US Treasury introduced the Tornado Cash Ethereum mixer to the sanctions list. The agency accused the platform of facilitating the laundering of more than $7 billion worth of cryptocurrencies from illegal sources.
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