December 9, 2023

According to a report by Elliptic, funds siphoned from the Atomic Wallet hack have been sent to Sinbad, a crypto mixer used by the Lazarus Group.

Funds from the Atomic Wallet hack on June 3 have been sent to an encrypted mixer used by the notorious North Korean hacking group Lazarus Group, according to a report from cryptocurrency tracker Elliptic Enterprises.

Oval Report Its investigative team traced funds from the $35 million hack to, a cryptocurrency mixer used by the hacking group.

Elliptic’s investigative team was also following transaction leads and determined that the stolen funds were exchanged for bitcoin before being laundered through mixer oval Research It has been revealed that Sinbad has been heavily used to launder over $100 million in proceeds from hacks carried out by North Korea’s Lazarus Group.

This includes assets from the $540 million Axie Infinity hack and the $100 million Horizon Bridge hack.

Atomic Wallet Users Lost Over $35 Million

On June 3, self-hosted, decentralized Atomic Wallet received reports that several wallets had been drained of funds.this project comfirmed A compromise was reached on June 4 and said it would look into the matter.

Atomic said on June 5 that less than 1% of its monthly active users were compromised in the attack, adding that it was continuing to investigate. relaunched as

Earlier reports indicated that North Korean hackers have been using a new mixing service to launder stolen cryptocurrencies. Elliptic found that Blender, the cryptocurrency mixing service used by the Lazarus Group, has likely been relaunched under the name Sinbad.

Following a series of high-profile hacks, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Blender and Tornado Cash for helping Lazarus launder nearly $500 million in illicitly obtained cryptocurrency. Tornado Cash continued to operate after the US imposed sanctions on mixing services, while Blender ceased operations and disappeared after reportedly taking $22 million in bitcoin from mixers.

According to Elliptic, Blender may start operating a new service called Sinbad, which Lazarus used to launder money in October 2022.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.