Greek authorities have successfully frozen $1.5 billion in cryptocurrency stolen from Bybit in February 2024. This event highlights the significance of blockchain analytics in tracking stolen assets.
Freeze of Crypto Assets in Greece
The Hellenic Anti-Money Laundering Authority (HAMLA) has traced $1.5 billion in cryptocurrency stolen from Bybit. The assets were frozen after suspicious flows were detected through a local Greek account. HAMLA utilized specialized blockchain analytics software to confirm the fraud.
First Major Crypto Seizure in Greece
The freezing of assets in Greece marks the nation’s first high-profile crypto asset seizure, signaling stronger anti-money laundering measures. The hack and subsequent freeze may lead to enhanced regulatory scrutiny and improved security protocols globally.
Link to North Korea’s Lazarus Group
This Bybit hack is comparable in scale to the Ronin Network and Mt. Gox incidents, showcasing advanced financial crimes targeting crypto exchanges. Experts suggest that enhanced international cooperation and cutting-edge technologies in crypto forensic analysis can help mitigate such threats.
The actions of Greek authorities in freezing funds reflect the growing use of blockchain analytics in combating financial crimes within the cryptocurrency sector.
