Greece Seizes Cryptocurrency in $1.5 Billion Bybit Hack

In a groundbreaking development, Greece's Hellenic Anti-Money Laundering Authority successfully executed its first-ever seizure of cryptocurrency assets. This achievement was made possible through the strategic use of Chainalysis Reactor, a cutting-edge blockchain analysis tool, which played a pivotal role in tracing and freezing a portion of the funds stolen in the record-breaking $1.5 billion Bybit exchange hack.

The investigation began in February 2025 when hackers, widely attributed to North Korea’s notorious Lazarus Group, executed a massive cyber heist, stealing approximately $1.5 billion from the Bybit exchange. The stolen ether was immediately laundered through a complex web of transactions designed to obscure the money trail. Months later, a suspicious crypto transaction was detected, providing the crucial lead that allowed Greek authorities to start unraveling the intricate laundering scheme.

The Hellenic Authority’s proactive investment in advanced blockchain analysis capabilities proved decisive. In 2023, the Authority procured Chainalysis Reactor through Performance Technologies, a trusted regional partner. This investment included expert consulting, comprehensive training, and ongoing support to enhance the Authority’s analytical capacity. When the suspicious transaction surfaced, the Authority’s trained analysts were prepared to act. Using Chainalysis Reactor, they visualized the complex flow of funds and established a definitive connection between the cryptocurrency in the suspect user’s wallet and the primary wallets used in the Bybit hack. The on-chain evidence was irrefutable, enabling the Authority to issue a “Freezing Order” and immediately freeze the wallet and its contents.

This successful operation highlights the power of combining cutting-edge blockchain analysis tools with expert training and international cooperation to combat global crypto crime. The blockchain’s permanent and public ledger creates a powerful advantage for law enforcement and intelligence services, as every transaction leaves a digital trail that can unravel even the most sophisticated criminal schemes. The Hellenic Anti-Money Laundering Authority’s landmark achievement demonstrates how public authorities can leverage blockchain transparency to effectively combat financial crime in the digital age.

The case has now been transferred to the competent prosecuting authority, transforming digital investigation into tangible legal consequences. This success story underscores the value of a multi-layered, public-private partnership involving a forward-thinking public authority, a local technology partner, and a global blockchain analysis leader. The operation was celebrated by Greece’s Minister of Economy and Finance, who emphasized the critical role of the Authority and modern digital tools in preventing and suppressing financial crime. As cases like this illustrate, the veil of anonymity for criminals operating in the crypto space is rapidly shrinking.

Through continued collaboration and the deployment of advanced blockchain analysis tools, law enforcement and intelligence services around the world are working hand-in-hand to build trust in blockchains and create a safer digital economy for everyone. This landmark success in Greece serves as a testament to the effectiveness of strategic investments in technology and expertise in the fight against global crypto crime.