Greece Seizes $1.4 Billion in Cryptocurrency Stolen from Bybit Hack

Greek authorities have successfully executed the country’s first-ever seizure of cryptocurrency assets, recovering a portion of the funds stolen in the record-breaking $1.4 billion hack of the crypto exchange Bybit earlier this year. The Hellenic Anti-Money Laundering Authority issued a freezing order on a suspect wallet following a months-long investigation, which was aided by blockchain analytics firm Chainalysis.

The operation specifically targeted funds allegedly stolen during the February Bybit breach, which has been widely attributed to North Korea’s Lazarus Group. The Bybit hack, one of the largest crypto exchange breaches in history, saw attackers exploit vulnerabilities in the platform’s private key management systems to drain approximately $1.4 billion worth of Ethereum (ETH). The stolen funds were rapidly laundered through a complex web of blockchain transactions designed to obscure their origins, making recovery efforts challenging for global authorities.

The Greek seizure marked a significant milestone for local law enforcement in digital crime prevention. This achievement was made possible by the Authority’s strategic investment in Chainalysis Reactor in 2023, a blockchain tracing platform procured through a regional partner. The local technology provider also offered analysts training and operational support ahead of the case. Using Reactor, Greek investigators tracked suspicious crypto transactions that ultimately linked a suspect wallet to the original Bybit theft.

Officials then froze the assets, removing control from illicit actors and transferring the case to prosecuting authorities for further legal action. Kyriakos Pierrakakis, Greece’s Minister of Economy and Finance, hailed the seizure as a demonstration of modern tools strengthening anti-financial crime efforts. Analysts noted that the successful seizure underscores how blockchain’s public ledger can aid global law enforcement despite sophisticated laundering tactics employed by groups like Lazarus, which has targeted crypto exchanges worldwide to fund North Korea’s weapons programs.

Chainalysis described the case as proof that combining technology, training, and international cooperation can erode criminal anonymity and bolster trust in digital asset markets. The seizure not only highlights the effectiveness of advanced blockchain analytics tools but also the importance of international collaboration in combating cybercrime. This event serves as a precedent for future efforts in recovering stolen crypto assets and bringing perpetrators to justice.