Blockchain analysis company Elliptic: The anonymous service of encrypted transactions will be re-launched as Sinbad

It is reported that the blockchain analysis company Elliptic said in a blog article on Monday that Mixer Blender, an anonymous service for encrypted transactions that was closed last year, might be re-launched under the new name Sinbad. In May 2022, after discovering that the North Korean hacker organization Lazarus used this service to launder the proceeds of cybercrime, Blender’s Bitcoin and Ethereum blockchain wallets were listed in the US sanctions list. The US Treasury Department said that Lazarus was behind the notorious Ronin hacking incident. At that time, $625 million of cryptocurrency was stolen from the blockchain bridging protocol used by the popular NFT game AxieInfinity.

Interpretation of this information:

Elliptic, a blockchain analysis company, recently published a blog article suggesting that the Mixer Blender, an anonymous service for encrypted transactions, which was shut down last year, may soon relaunch under the new name Sinbad. The Mixer Blender was accused of being involved in money laundering activities by the North Korean hacker organization Lazarus, leading to the freezing of its Bitcoin and Ethereum blockchain wallets by the US Treasury Department. The department had revealed that Lazarus was behind the infamous Ronin hacking incident that resulted in the theft of $625 million worth of cryptocurrency from the blockchain bridging protocol used in AxieInfinity, the popular NFT game.

The reemergence of Mixer Blender as Sinbad could pose a significant threat to the global investment community’s security as it would allow for anonymous transactions, thereby making it more physically and cybercrime inclined. Transactions carried out on the Mixer Blender were previously utilized for money laundering purposes, which is why it was flagged by regulatory agencies. The news of the possible resurfacing of the anonymous transaction service caused a wave of concerns among stakeholders, especially as it comes after the recent upsurge of ransomware attacks worldwide.

Regulators must remain vigilant and monitor the operations of Sinbad to avoid the laundering of proceeds from illegal activities. Governments worldwide have to collaborate with each other to ensure no illicit activity goes on while trying to enforce compliance. Also, companies have to remain proactive in adopting cybersecurity measures to safeguard their systems and data. The cybersecurity needs of businesses must be taken seriously to avoid being a victim of ransomware and money laundering activities.