Greek Authority Freezes $1.5 Billion Bybit Hack Crypto

Greek authorities have frozen $1.5 billion worth of cryptocurrency stolen in a February 2024 hack of Dubai-based exchange Bybit, following the trace to a local Greek crypto exchange.

This action highlights the significant role of blockchain analytics in tracking stolen assets and marks Greece’s first major crypto confiscation, reflecting growing international cooperation in financial security.

Greece Freezes $1.5 Billion in Bybit Hack

The Hellenic Anti-Money Laundering Authority (HAMLA) has successfully traced the $1.5 billion in cryptocurrency stolen from Bybit. The intervention follows Bybit’s cold wallets’ compromise, which allowed illicit access to Ethereum (ETH).

Authorities froze the assets after detecting suspicious flows through a Greek-based account. HAMLA utilized specialized blockchain analytics software to confirm the fraud. Additional support came from the FBI, revealing ties to North Korea’s Lazarus Group.

First Major Crypto Seizure in Greece

The crypto market has seen no immediate Ethereum price disruption due to the Bybit hack. The freezing of assets in Greece is the nation’s first high-profile crypto asset seizure, signaling stronger anti-money laundering measures.

The hack and subsequent freeze may lead to heightened regulatory scrutiny and improved security protocols globally. Blockchain analytics software, such as Chainalysis and Elliptic, proved effective against even the most sophisticated financial cyber crimes.

Link to North Korea’s Lazarus Group Uncovered

This Bybit hack, comparable in scale to the Ronin Network and Mt. Gox incidents, showcases advanced financial crimes targeting crypto exchanges. Past incidents with Lazarus Group involved large-scale asset diversions and complex laundering trails.

Experts suggest that enhanced cooperation between nations and cutting-edge technologies in crypto forensic analysis can mitigate such threats. Historical data points to increasing international partnerships and software efficacy as key to combating crypto fraud.

“Our Authority’s analysts used specialized software to analyze the suspicious transaction and confirmed the coins were part of the stolen funds from Bybit. Acting on the prosecutor’s order, the wallet was frozen, and a seizure order for the crypto holdings was issued.”
Charalambos Vourliotis, President, Hellenic AML Authority

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