Greece Seizes Stolen Ethereum Linked to Bybit Hack, Highlighting Blockchain Forensics

Coin WorldThursday, Jul 10, 2025 7:37 am ET
2min read

Greece has made a significant stride in the enforcement of blockchain-related crimes with the seizure of stolen cryptocurrency linked to the Bybit hack. This historic bust marks the country's first confiscation of digital assets, placing Greece in the international spotlight for its embrace of sophisticated forensic technologies. The recovery of

funds from the Bybit hack, which was allegedly linked to North Korea’s Lazarus Group, showcases Greece’s newfound capability in tracking down crypto-financial crimes. This is not the first instance of such a seizure globally, but it highlights Greece’s growing involvement in the enforcement of digital asset crimes.

The Hellenic Anti-Money Laundering Authority (HAMLA) played a pivotal role in this operation, freezing a crypto wallet connected to the Bybit hack. The seizure was the culmination of months of blockchain investigation, with assistance from Chainalysis and its software suite Reactor. This tool helped Greek authorities pinpoint the exact locations of the decentralized Ethereum that had been illicitly transported. The wallet’s link to Lazarus, known for perpetrating some of the largest global crypto hacks, underscores a broader trend in cross-border asset recovery. Chainalysis Reactor, acquired through Performance Technologies in 2023, has become a critical tool in Europe’s fight against digital financial crime.

Despite the Bybit hack, Ethereum’s price has remained stable, trading at around $2,800. This stability is attributed to growing institutional demand, inflows into ETH ETFs, and increased adoption of Layer-2 solutions. The asset continues to recover from previous market volatility, supported by these factors. Ethereum’s stability has generated positive sentiment among investors, who hail blockchain transparency and forensic tools for boosting trust in decentralized finance (DeFi) and the entire market. The perceived health of crypto markets, as indicated by Ethereum’s price, has been a source of optimism for participants on various platforms.

Greek Finance Minister Kyriakos Pierrakakis emphasized the importance of pairing blockchain data with other investigative techniques for identifying individuals involved in financial crimes. Ethereum’s public ledger allowed for exact transaction tracking, despite the Lazarus Group’s attempts to hide its activities. This case underscores the growing significance of technology and cross-border cooperation for crypto crime enforcement, as more than $5 billion has been laundered since 2017. The successful recovery of the stolen funds has reaffirmed Ethereum’s security model and blockchain transparency in the face of continued attacks, providing a sense of security in the crypto market.

Ethereum’s resurgence after the Bybit hack is a testament to the power of crypto ecosystems when transparency and blockchain forensics are properly utilized. Bybit has verified significant improvements in its internal security, with observers predicting that the increased ETH stability will result from a more robust global enforcement of digital asset surveillance and anti-money laundering. This case illustrates blockchain’s dual identity as both a tech platform and a forensics tool, challenging the notion of blockchain anonymity. Analysts remain cautiously optimistic about Ethereum’s price prediction, as regulation and unresolved major hacks loom large.

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