The Atomic Wallet Incident: Unraveling the Use of a North Korean-Connected Mixer for Crypto Theft
In Brief
The blockchain compliance firm Elliptic has traced the crypto taken in the recent Atomic Wallet breach to Sinbad.io, which is known to be a mixer associated with North Korea’s infamous Lazarus Group.
According to Elliptic’s recent updates, the stolen cryptocurrency from the Atomic Wallet incident, which totals about $35 million, was funneled to Sinbad.io a suspicious cryptocurrency mixing service that is believed to be tied to the notorious Lazarus Group from North Korea.
On June 5, Elliptic announced The investigation revealed that Sinbad.io could be responsible for laundering over $100 million in illicit cryptocurrencies originally taken by the Lazarus Group. While the specific amount moved from the Atomic Wallet breach to Sinbad.io has not been disclosed, it is widely believed that these assets were converted into Bitcoin (BTC) and subsequently hidden using the cryptocurrency mixer.
Elliptic also raised the possibility that Sinbad.io might be a rebranded version of Blender.io Blender.io, another cryptocurrency mixer well-known for its connections to money laundering activities involving the Lazarus Group. This service was notably the first to face sanctions from the US Treasury.
About wallet
There have been numerous reports regarding compromised accounts linked to Atomic Wallet, leading to losses estimated at around $35 million. Initially, the Atomic Wallet team downplayed the situation, claiming that only a small fraction of their monthly active users were affected. They also mentioned ongoing efforts to recover the stolen assets. first emerged on June 3 Nonetheless, Elliptic's investigation indicates that many victims may face challenges in retrieving their lost funds.
has been diligently tracking the transactions related to the stolen assets from Atomic Wallet. An analyst reported that out of the $35 million that was taken, $1 million has been successfully reclaimed and returned to one of the affected users.
Renowned blockchain analyst, Zachxbt This week, Atlas VPN released a report on cryptocurrency-related crimes, revealing that hackers have made off with an astonishing $1.97 billion in Web3 assets since the
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In line with the Trust Project guidelines Nik is a skilled analyst and writer at Metaverse Post, focusing on offering cutting-edge insights into the fast-evolving tech landscape, particularly around AI/ML, XR, VR, blockchain analytics, and development. His writings captivate and inform a varied audience, helping them remain at the forefront of technological advancements. With a Master’s degree in Economics and Management, Nik possesses a deep understanding of the intricate relationship between business dynamics and emerging technologies.
