Greek Authorities Make Historic Crypto Seizure After Bybit Hack
Greek authorities have made history by carrying out the country’s first-ever crypto seizure, tracing funds linked to the record-breaking $1.4 billion hack of crypto exchange Bybit earlier this year. The Hellenic Anti-Money Laundering Authority issued a freezing order on a suspect wallet after a months-long investigation with the help of blockchain analytics firm Chainalysis.
The operation targeted funds allegedly stolen in February’s Bybit breach, which has been attributed to North Korea’s Lazarus Group. This hack, one of the largest crypto exchange breaches in history, involved attackers exploiting vulnerabilities in Bybit’s private key management systems to drain approximately $1.4 billion worth of Ethereum (ETH).
The stolen funds were laundered through a complex network of blockchain transactions to conceal their origins, making recovery efforts challenging for authorities worldwide. The Greek seizure marks a significant milestone for local law enforcement in combating digital crime.
The successful seizure was made possible by the Hellenic Anti-Money Laundering Authority’s investment in Chainalysis Reactor in 2023, a blockchain tracing platform acquired through regional partner Performance Technologies. This technology provider also offered training and operational support to analysts before the case.
Using Reactor, Greek investigators were able to track suspicious crypto transactions that linked a suspect wallet to the original Bybit theft. The assets were frozen, removing control from illicit actors and transferring the case to prosecuting authorities for legal action.
Kyriakos Pierrakakis, Greece’s Minister of Economy and Finance, praised the seizure as an example of modern tools strengthening efforts to combat financial crime. Analysts noted that the successful seizure highlights how blockchain’s public ledger can assist global law enforcement, even against sophisticated laundering tactics employed by groups like Lazarus.
Chainalysis emphasized that the case demonstrates the effectiveness of combining technology, training, and international cooperation to dismantle criminal anonymity and enhance trust in digital asset markets.
This groundbreaking seizure showcases the power of collaboration between law enforcement and blockchain analytics firms in combating cybercrime and protecting the integrity of the cryptocurrency ecosystem.