First-Ever Crypto Asset Seizure in Greece Tied to Global Cybercrime
In a landmark move, Greek authorities have executed the country’s first-ever cryptocurrency seizure, targeting funds associated with the $1.5 billion Bybit hack—one of the largest digital asset thefts in history. The funds are believed to be linked to North Korea’s Lazarus Group, a state-sponsored cybercrime unit known for targeting blockchain platforms and financial institutions.
The Hellenic Anti-Money Laundering Authority issued an official freezing order, successfully preventing the transfer of digital assets connected to the February hack. According to Greece’s Minister of Economy and Finance, Kyriakos Pierrakakis, the investigation identified a wallet hosted on a Greek exchange platform that was directly tied to the initial theft.
Chainalysis Technology Aids in Tracing Stolen Crypto
Authorities leveraged blockchain forensic tools, including Chainalysis Reactor, to trace the flow of funds from the original hacker wallets to a suspect address. The analysis provided sufficient evidence to link the frozen assets to the original Bybit exploit, enabling regulators to act swiftly and freeze the account before the funds could be laundered through additional platforms.
This operation marks a significant step forward in cross-border crypto investigations, showcasing how on-chain analytics can help combat international financial crimes.
$72 Million Recovered, But $870 Million Remains Unaccounted
So far, approximately $72 million—roughly 5% of the stolen Ether—has been frozen, according to on-chain tracking dashboards. Greek authorities alone are credited with freezing about €10 million ($11.7 million) as part of their enforcement actions. However, an estimated $870 million in stolen funds has “gone dark”, likely having been routed through obfuscation tools such as Tornado Cash, Wasabi Wallet, or cross-chain bridges.
The Bybit LazarusBounty dashboard indicates that about one-third of the stolen crypto remains traceable, but significant challenges persist in recovering the majority of assets due to advanced laundering techniques.
Global Efforts Mount to Recover Stolen Crypto
This incident reflects the increasing collaboration between nations in tracking and recovering stolen digital assets. Greece’s quick action is a model for how governments can utilize real-time blockchain analytics and regulatory authority to disrupt international cybercrime.
As investigations continue, this seizure could be a turning point in holding state-sponsored hacking groups accountable in the decentralized finance space.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.