Greece Has Just Averted a $1.5Bn Crypto Theft: Here’s How Athens Protected Your Assets
The Greek government has immobilized a crypto asset crypto wallet associated with the unprecedented $1.5 billion breach of the Bybit trading protocol, underscoring the nation’s inaugural significant regulatory measure regarding pilfered digital currencies.
As reported by Greek announcement sources Proto Thema and Kathimerini, the Hellenic Anti-Money Laundering Authority (HAMLA) took action based on intelligence received in May, which pinpointed a notable inflow of Ether (Ethereum) into a user account on a Greek cryptocurrency exchange.
Employing forensic blockchain analysis tools, HAMLA was able to ascertain that the funds stemmed from the extensive Bybit breach that occurred in February 2025.
$1.5B Bybit heist trail points to Greece
Greece’s AML Authority has immobilized an $ETH crypto wallet at a local exchange—connected to the historic February @Bybit_Official incident attributed to North Korea’s Lazarus Group.
This signifies Greece’s first-ever digital currency confiscation related to international AML enforcement.… pic.twitter.com/MMSW2d2kXA— CryptoPotato Official (@Crypto_Potato) June 25, 2025
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Broader Crypto Laundering Scheme Linked to Bybit Exchange Hack
Crypto investigator ZachXBT has underscored how entities such as North Korea’s Lazarus Group operate extensive laundering networks utilizing OTC brokers, privacy wallets, and exchanges situated in regulatory gray areas. He estimates that Tron’s “Black U” market alone could be valued between $5–10 billion, much of which remains unaccounted for.
Regarding the Bybit breach, the Lazarus Group swiftly channeled $160 million through illicit avenues within merely two days. Analysts suggest this indicates a concerning growth in laundering capabilities.
Lazarus Group has just linked the Bybit vulnerability breach to the Phemex breach by directly commingling funds from the original theft address of both events on-chain.
Common address:
0x33d057af74779925c4b2e720a820387cb89f8f65Bybit exploit transactions on February 22, 2025:… pic.twitter.com/dh2oHUBCvW
— ZachXBT (@zachxbt) February 22, 2025
Amid increasing apprehensions, numerous exchanges continue to benefit from illegal transactions without any pushback. According to the U.S. Department of Justice, North Korea additionally deploys IT professionals overseas under false identities to reroute money back to the homeland, often in USDT or USDC. The seizure in Athens represents a rare victory in disrupting this global money laundering framework.
Greek Wallet Linked to The Exploit Immobilized in Significant Seizure
The attackers allegedly utilized advanced laundering methods, dispersing the stolen Ethereum across numerous wallets to obscure its origin. The frozen wallet in Greece signifies the first instance where local officials have effectively traced and halted digital assets related to such a high-profile heist. A formal seizure order has also been granted, with the matter now referred to Greek prosecutors.
HAMLA President Charalambos Vourliotis provided a briefing to Finance Minister Kyriakos Pierrakakis regarding the agency’s insights, emphasizing the importance of this discovery. He mentioned that while the beneficiary of the illicit ETH has not yet been publicly identified, additional legal proceedings are forthcoming.
This operation showcases an enhanced capability among European regulators to monitor digital currency crime in real time, with Athens becoming part of an expanding global protocol established by international agencies, including the FBI, which has already publicly flagged the Bybit case.
Forensic analysis indicated that the digital wallet linked to Greece was not involved in standard commercial transactions. Instead, the Ethereum demonstrated a movement pattern previously flagged by U.S. authorities, affirming its link to the Bybit breach. Analysts suspect that the Greek account may have served as a connection point in a larger laundering scheme, although it remains uncertain whether the digital wallet holder was aware of the funds’ illicit origins.
With digital asset crimes increasingly transcending borders, Greece’s intervention sets a new benchmark for crypto asset enforcement.
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Key Takeaways
- Pioneering Action in Greece: Greek authorities have immobilized a wallet linked to the Bybit trading network hack, marking their first significant cryptocurrency seizure.
- Lazarus Group Association: The illicit activity is connected to North Korea’s Lazarus Group, recognized for laundering stolen cryptocurrency through OTC brokers and poorly regulated exchanges.
- Distributed ledger Forensics Applied: HAMLA utilized on-chain analysis tools to trace the pilfered ETH to a Greek trading platform, prompting immediate asset immobilization and legal action.
- Global Oversight Intensifying: The U.S. DOJ and FBI are ramping up efforts, certifying the freeze of funds and initiating forfeiture actions against North Korean-linked laundering schemes.
The post Greece Just Stopped a $1.5Bn Crypto Heist: This Is How Athens Saved Your Bags appeared first on 99Bitcoins.
