Greece Makes First Crypto Seizure Tied to North Korea’s $1.5B Bybit Hack
Greece achieves a significant milestone in the fight against cryptocurrency-related crime with its first-ever cryptocurrency seizure. Authorities successfully blocked access to funds stolen during the February 2024 Bybit hack, a record $1.5 billion theft attributed to North Korea’s Lazarus Group. The Hellenic Anti-Money Laundering Authority (HAMA) played a crucial role in this operation.
The investigation began with the identification of a suspicious transaction. Through on-chain analysis, HAMA traced the transaction to a cryptocurrency wallet directly linked to the initial Bybit hack. This wallet was reportedly associated with a Greek cryptocurrency exchange platform. Sophisticated analytical tools, such as Chainalysis Reactor, were employed to meticulously map the flow of funds, establishing a definitive connection between the suspect’s wallet and the primary wallets used in the Bybit heist.
This irrefutable evidence enabled HAMA to secure a freezing order, effectively preventing the stolen funds from being further dispersed. The operation resulted in the recovery of approximately €10 million ($11.7 million), which has been returned to victims of the hack. While the exact connection between this recovery and the recent seizure remains unclear, it highlights the effectiveness of HAMA’s efforts.
The Lazarus Group’s attempts to obscure their illicit gains involved utilizing various techniques, including cryptocurrency mixers like Wasabi and Tornado Cash, cross-chain bridges, and peer-to-peer exchanges. However, Bybit’s LazarusBounty dashboard indicates that approximately $72 million (5% of the stolen ether) has been frozen, demonstrating a measure of success in tracking down the stolen assets. Despite these efforts, a significant portion of the stolen funds, roughly $870 million, remains untraceable, highlighting the ongoing challenge of combating sophisticated cryptocurrency-based criminal activities. The Greek seizure underscores the increasing importance of international cooperation and advanced investigative techniques in recovering cryptocurrency stolen through sophisticated hacks.
