The post Greece Traces and Freezes Funds From Bybit Crypto Hack appeared on BitcoinEthereumNews.com.

Greece’s Hellenic Anti-Money Laundering Authority has issued its first-ever crypto asset freeze, targeting funds linked to the $1.5 billion hack of the Bybit exchange in February 2025. This marks a turning point in the global fight against financial cybercrime and raises new questions about the security of crypto exchanges amid rapid market expansion. Greece Successfully Traces $1.46 Billion Hack by Lazarus Group The attack on Bybit is believed to have been carried out by Lazarus, a North Korean hacking group known for sophisticated cyberattacks targeting crypto platforms. The Bybit hack, referred to by the FBI as “TraderTraitor,” shocked the industry after the attackers stole approximately $1.46 billion worth of Ethereum. This amount surpasses the total value stolen by North Korea-linked groups throughout 2024, which was $1.34 billion, according to Chainalysis. Following the incident, analysts from Chainalysis assisted the Hellenic AML Authority in tracing the funds. They also identified a wallet tied to a local exchange platform in Greece. North Korean-affiliated groups have stolen funds over the years. Source: Chainalysis As a result, the suspicious assets were successfully frozen, marking the first cross-border recovery of funds from such a cyberattack. Greece’s Minister of National Economy and Finance, Kyriakos Pierrakakis, emphasized the role of blockchain technology and international collaboration in combating financial crime. This development signals a positive shift for countries striving to regulate crypto assets while highlighting the industry’s increasing security risks. Lazarus, previously responsible for incidents like the 2022 Axie Infinity hack ($620 million), continues to evolve. Within just two days of the Bybit breach, it demonstrated the ability to launder funds. TRM Labs noted that the operation reflected a highly coordinated “flood the zone” tactic. This tactic involved executing rapid, multidirectional transactions designed to overwhelm surveillance and compliance systems. “The Bybit exploit indicates that the regime is intensifying its…

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Filed under: News - @ July 10, 2025 8:26 am