US sanctions Sinaloa cartel-linked Ethereum addresses

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OFAC adds six new Ethereum addresses to sanctions list. Source: OFAC The Sinaloa Cartel is allegedly using blockchain technology to launder its illicit fiat money proceeds, according to OFAC. Cointelegraph contacted OFAC for more details surrounding the Sinaloa Cartel’s money laundering operations. Related: Kelp DAO attacker moves $175M in Ether after exploit: Arkham Treasury did not identify which crypto platforms or protocols were allegedly used by the network. The listed Ethereum addresses, however, create sanctions exposure for exchanges, wallet providers and other crypto firms that screen blockchain transactions. Looking at some of the biggest cryptocurrency hacks, attackers laundered the majority of the $1.4 billion stolen during the Bybit hack, or about $1.2 billion, through THORChain, swapping funds from Ether to Bitcoin, according to Bybit co-founder and CEO Ben Zhou. Attackers behind the recent $293 million Kelp DAO hack also primarily used THORChain to swap the Ether for Bitcoin, generating about $910,000 in fee revenue for the protocol, Cointelegraph reported on April 23. Magazine: 53 DeFi projects infiltrated, 50M NEO tokens could be ‘given back’: Asia Express More on the subject

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