Elliptic has reported that coin mixing service Blender has rebranded as Sinbad based on similarities of both platforms.
According to Elliptic, Sinbad has also been used by North Korean-sponsored crypto hackers, the Lazarus Group.
Since its launch, Sinbad has been used to launder nearly $100 million in Bitcoin.
Blockchain analytics firm Elliptic has reported that Blender, the infamous coin mixer platform widely used by North Korean hackers, has likely rebranded itself as “Sinbad” based on several facts and similar operating patterns.
Infamous Coin Mixer Reinvents Itself
In a report published on Monday, February 13th, Elliptic noted that Blender, which had stopped operating in April 2022 after being sanctioned, has likely rebranded and relaunched as “Sinbad.”
According to Elliptic, Sinbad shares the same technology as the sanctioned Blender. In addition, the coin mixing service is being used by North Korean-sponsored crypto hackers, the Lazarus Group.
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