Discussion! I just saw this news and freaked out.
Source:
https://hub.elliptic.co/analysis/has-a-sanctioned-bitcoin-mixer-been-resurrected-to-aid-north-korea-s-lazarus-group/Like Blender, Sinbad is a custodial mixer, meaning that its operator has full control over the cryptoassets deposited within it.
Elliptic analysis indicates that Sinbad is in fact highly likely to be a rebrand of Blender, with the same individual or group responsible for it. In particular:
- Analysis of blockchain transactions shows that, before it was publicly launched, a “service” address on the Sinbad website received Bitcoin from a wallet believed to be controlled by the operator of Blender – presumably in order to test the service.
- Analysis of blockchain transactions shows that a Bitcoin wallet used to pay individuals who promoted Sinbad, itself received Bitcoin from the suspected Blender operator wallet.
- Analysis of blockchain transactions shows that almost all of the early incoming transactions to Sinbad (some $22 million) originated from the suspected Blender operator wallet.
- The on-chain pattern of behavior is very similar for both mixers, including the specific characteristics of transactions, and the use of other services to obfuscate their transactions.
- The way in which the Sinbad mixer operates is identical to Blender in several ways, including ten-digit mixer codes, guarantee letters signed by the service address, and a maximum seven-day transaction delay.
- There are strong similarities in the structure of both services’ websites, as well as in their use of language and naming conventions.
- Both services have a clear nexus to Russia, with Russian-language support and websites.
Blender may have been motivated to re-brand in order to avoid sanctions, and OFAC could now seek to impose further sanctions on Sinbad. It may also have done so in order to gain trust from users, following Blender’s abrupt closure last year, and the disappearance of significant amounts of funds from the mixer.
