Greece Seizes Crypto Wallet in $1.4 Billion Bybit Hack Investigation

Highlights:

• Greece has frozen a crypto wallet linked to the Bybit attack by using blockchain tracking tools.
• Chainalysis helped the investigators trace the stolen crypto through complex transfers.
• Hackers moved the stolen funds quickly using mixers and decentralized exchanges to hide the funds.

Greek law enforcement has seized a cryptocurrency wallet used to steal $1.4 billion worth of crypto assets on the Bybit exchange. The action was taken by the Hellenic Anti-Money Laundering Authority after several months of monitoring suspicious transactions. This is the first seizure of crypto assets in the country and shows its growing attention to digital crimes. Investigators used blockchain analysis to follow the route used by the stolen money and specialized technologies.

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Greece makes first crypto seizure, freezes Bybit hack funds linked to Lazarus

The Hellenic Anti-Money Laundering Authority has carried out Greece’s first seizure of cryptocurrency assets, freezing funds tied to North Korea’s Lazarus Group from the $1.5 billion hack of… pic.twitter.com/s9h257pP3z

— MetaEra (@MetaEraHK) July 9, 2025

The Bybit exchange was targeted by hackers in February, who took advantage of its poor management system with regard to the private keys. They got access to 401,000 ETH that they transferred using a range of complicated blockchain movements. Analysts believe North Korea’s Lazarus Group carried out the breach and laundered the funds through tools that hide asset movement. Although the attackers attempted to cover their tracks, Greek officials located one wallet linked to the hack.

The investigation got a boost when Greece collaborated with blockchain firm Chainalysis. The Hellenic Authority purchased Chainalysis Reactor through regional provider Performance Technologies in 2023. The company also provided training and practical assistance to local analysts. The preparation enabled investigators to act fast in case of suspicious activity that appeared on the blockchain.

Blockchain Analysis Exposes Laundering Path Behind Bybit Hack

Greek officials launched their investigation after detecting an unusual transaction months after the Bybit breach. Analysts tracked this flow of funds and linked the wallet currently under suspicion to the original theft using Chainalysis Reactor. This linkage ascertained that the assets belonged to wallets used in the February attack. The team was then able to freeze the wallet and cut off access to the stolen cryptocurrency.

Hackers behind the attack moved quickly to hide their activities. They used mixers, cross-chain bridges, and decentralized exchanges to obscure the flow of stolen Ethereum. Investigators discovered that the attackers used phishing techniques to breach the exchange. Specifically, they tricked cold wallet signers into giving access to multi-signature systems, which allowed the large withdrawal of funds.

Analysts discovered that 32.78% of stolen funds could be traced. In total, only 5.18% of the money was frozen around the world, with the Greek action only representing a portion of it. The operation showed that trained teams with the right tools can uncover even deeply hidden activity on the blockchain.

Authorities Cite Global Partnerships in Crypto Crime Crackdown

Finance Minister Kyriakos Pierrakakis stated that modern tools are helping authorities prevent financial crime more effectively. He highlighted how preparation and training supported this successful seizure. Chainalysis also noted the role of international cooperation and technology in stopping crypto crimes. They said that public blockchain records continue to provide important clues, even when attackers use complex laundering methods.

In a related move, German investigators froze $38 million in crypto tied to the same hack. They shut down the platform eXch, which had moved over $1.9 billion in assets. German authorities linked a large portion of those funds to illegal activities. Meanwhile, their seizure ranked as the third-largest crypto recovery by the country’s police.

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