Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
- Elliptic did not disclose the amount sent to the mixer by the hacker.
- Bitcoin was being traded for the stolen assets prior to their mixing.
North Korea’s most infamous cyber-hacking group has been associated with a cryptocurrency mixer where the illicit gains from the $35 million Atomic Wallet breach have been laundered. Elliptic, a firm specializing in blockchain compliance analytics, announced on June 5 that its Investigations Team has connected the crypto mixer Sinbad.io to the theft of $35 million from the Atomic Wallet.
The report indicates that the Lazarus Group in North Korea employed the mixing service to launder over $100 million in stolen cryptocurrencies. While Elliptic refrained from disclosing the amount sent to the mixer, they confirmed that Bitcoin was being traded for the stolen assets before they were mixed.
Too Late for Recovery
Related Posts
According to the same source, Blender.io, “another mixer extensively utilized to launder Lazarus Group funds,” and the first mixer to face sanctions from the U.S. Treasury Department, is thought to have inspired Sinbad.io.
On June 3, hackers accessed several accounts belonging to Atomic Wallet users, leading to losses of up to $35 million. However, the company minimized the incident, stating that the attack impacted only a small fraction of its monthly active users.
The team is “doing everything they can to recover those funds,” said Roland Säde, chief marketing officer of Atomic Wallet. He advised victims to monitor for suspicious transactions and notify the crypto platform, which “could help prevent the scammers from converting their assets.”
Furthermore, the more individuals searching for hackers, the more challenging it becomes for them to change targets, he noted. However, this new analysis from Elliptic indicates it may be too late for many individuals.
Recommended For You:
Crypto Users Report Losses After Atomic Wallet Compromised
