Greek investigators have conducted the country's first-ever seizure of cryptocurrency based on evidence obtained from the Bybit hack, which resulted in the theft of $1.5 billion.
Greece's First Cryptocurrency Seizure
On July 9, Greece’s Anti-Money Laundering Authority executed its inaugural cryptocurrency asset seizure, tracing stolen funds from the record-breaking Bybit hack. Authorities used special tools to identify suspicious transactions.
Using Chainalysis Reactor for Investigation
Analysts used Chainalysis Reactor, a blockchain investigation platform, to connect the flagged wallet to the cyberattack attributed to North Korea's Lazarus Group. This led to an emergency freezing order.
Response of Greek Authorities
Greek Finance Minister Kyriakos Pierrakakis noted the success of the operation and termed it a 'blueprint' for modern financial enforcement. The seizure marks a significant turning point in the fight against crypto crime, showcasing that governments are no longer playing catch-up.
This case confirms that even the most sophisticated hackers leave traces, and new investigative technologies can effectively aid in the struggle against cybercrime.
