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Reappearance of Blender under new name raises eyebrows on cryptocurrency safety

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It is reported that the blockchain analysis company Elliptic said in a blog article on Monday that Mixer Blender, an anonymous service for encrypted transactio…

Reappearance of Blender under new name raises eyebrows on cryptocurrency safety

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.

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

Interpretation of the news:


Elliptic, the well-known blockchain analysis company, has reported that Mixer Blender, an anonymous service for encrypted transactions that was closed last year, might be re-launched under the new name Sinbad. The return of Blender, which was blacklisted by the U.S Treasury Department last year, raises concerns about cybersecurity and cryptocurrency safety.

In May 2022, Blender’s Bitcoin and Ethereum blockchain wallets were listed in the U.S sanctions list. It was discovered that the North Korean hacker organization Lazarus used this service to launder the proceeds of cybercrime. At that time, Lazarus was also linked to the notorious Ronin hacking incident where $625 million of cryptocurrency was stolen from the blockchain bridging protocol used by the popular NFT game AxieInfinity.

The re-emergence of Blender as Sinbad begs the question of the current state of cryptocurrency security. Cryptocurrencies are decentralized in nature, and they are susceptible to cyber attacks and money laundering. Blockchain’s anonymity and encryption technology provide an opportunity for hackers and cybercriminals to operate in the shadows.

For instance, Mixer Blender’s anonymous services allowed cybercriminals to convert their dirty cryptocurrency into clean and untraceable funds. Therefore, the U.S sanctions imposed on Blender is a significant step towards protecting cryptocurrency investors from being defrauded.

The return of Blender under the new name Sinbad raises further concerns about the regulation and control of anonymous cryptocurrency services. It highlights the need for stringent regulations and effective countermeasures to combat cybercrime and money laundering in the cryptocurrency industry.

To enhance cybersecurity and reduce the risk of cybercrime in the cryptocurrency industry, regulators and industry players must adopt advanced blockchain analysis techniques such as user profiling, blockchain forensics, and the use of machine learning algorithms to detect and disrupt suspicious transactions. Furthermore, cryptocurrency providers must collaborate with regulators to create secure and transparent cryptocurrency transactions.

In conclusion, the return of Blender as Sinbad is a reminder of the vulnerability of the cryptocurrency industry to cyber attacks and money laundering. Regulators must adopt proactive measures to prevent the re-emergence of anonymous cryptocurrency services that are used to perpetrate criminal activities.

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