Greece Makes First Crypto Seizure After $1.5 Billion Bybit Hack – Here’s What Happened
2025-07-09 20:09:02
Main Idea
Greece made its first cryptocurrency seizure linked to the $1.5 billion Bybit hack, using Chainalysis tools to trace funds laundered by North Korea's Lazarus Group.
Key Points
1. The Hellenic Anti-Money Laundering Authority in Greece, with Chainalysis' assistance, traced and froze a portion of the stolen funds from the Bybit hack.
2. North Korean hackers converted 86.29% of the stolen funds into Bitcoin, using mixers like Wasabi, CryptoMixer, Railgun, and Tornado Cash to obscure transactions.
3. Bybit initially believed 30,000 ETH ($82 million) was stolen, but later discovered 401,000 ETH ($1.4 billion) had been taken, with hackers processing 350,000 withdrawal requests in 10 hours.
4. A coordinated international effort led to freezing 5.18% of the stolen funds, while 62.04% remained untraceable ('gone dark').
5. Bybit launched a bounty program offering 10% rewards for recovered funds, potentially up to $140 million.
Description
Hellenic Anti-Money Laundering Authority in Greece achieved the country’s first-ever cryptocurrency asset freezing, recovering funds directly linked to the $1.5 billion Bybit exchange hack attributed to North Korea’s Lazarus Group. The landmark operation utilized Chainalysis Reactor blockchain analysis tools to trace stolen funds through complex laundering schemes. The analysis establishes irrefutable on-chain evidence that connects seized assets to the February 2025 cyber heist. In our latest b...
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