Greek authorities carried out the nation’s first-ever crypto seizure after tracing funds linked to the record-breaking $1.4 billion hack of crypto alternate Bybit earlier this yr.
The Hellenic Anti-Cash Laundering Authority issued a freezing order on a suspect pockets following a months-long investigation aided by blockchain analytics agency Chainalysis.
The operation focused funds allegedly stolen in February’s Bybit breach, which has been broadly attributed to North Korea’s Lazarus Group.
The Bybit hack, which ranks among the many largest crypto alternate breaches in historical past, noticed attackers exploit vulnerabilities within the platform’s personal key administration techniques to empty roughly $1.4 billion value of Ethereum (ETH).
The stolen funds had been quickly laundered by an intricate net of blockchain transactions designed to obscure their origins, making restoration efforts difficult for world authorities.
The Greek seizure marked a milestone for native legislation enforcement in digital crime prevention. It was made attainable by the Authority’s strategic funding in Chainalysis Reactor in 2023, a blockchain tracing platform procured by regional companion Efficiency Applied sciences.
The native expertise supplier additionally offered analysts with coaching and operational assist forward of the case. Utilizing Reactor, Greek investigators tracked suspicious crypto transactions that finally linked a suspect pockets to the unique Bybit theft.
Officers then froze the property, eradicating management from illicit actors and transferring the case to prosecuting authorities for additional authorized motion.
Kyriakos Pierrakakis, Greece’s Minister of Economic system and Finance, hailed the seizure as an indication of recent instruments strengthening anti-financial crime efforts.
Analysts mentioned the profitable seizure underlines how blockchain’s public ledger can support world legislation enforcement regardless of subtle laundering ways employed by teams like Lazarus, which has focused crypto exchanges worldwide to fund North Korea’s weapons packages.
Chainalysis described the case as proof that combining expertise, coaching, and worldwide cooperation can erode felony anonymity and bolster belief in digital asset markets.
