The Hellenic Anti-Money Laundering Authority issued a freezing order on a suspect wallet following a months-long investigation aided by blockchain analytics firm Chainalysis.
The stolen funds were rapidly laundered through an intricate web of blockchain transactions designed to obscure their origins, making recovery efforts challenging for global authorities.
The Greek seizure marked a milestone for local law enforcement in digital crime prevention. It was made possible by the Authority’s strategic investment in Chainalysis Reactor in 2023, a blockchain tracing platform procured through regional partner Performance Technologies.
The local technology provider also provided analysts with training and operational support ahead of the case. Using Reactor, Greek investigators tracked suspicious crypto transactions that ultimately linked a suspect wallet to the original Bybit theft.
Officials then froze the assets, removing control from illicit actors and transferring the case to prosecuting authorities for further legal action.
Kyriakos Pierrakakis, Greece’s Minister of Economy and Finance, hailed the seizure as a demonstration of modern tools strengthening anti-financial crime efforts.
Analysts said the successful seizure underlines how blockchain’s public ledger can aid global law enforcement despite sophisticated laundering tactics employed by groups like Lazarus, which has targeted crypto exchanges worldwide to fund North Korea’s weapons programs.
Chainalysis described the case as proof that combining technology, training, and international cooperation can erode criminal anonymity and bolster trust in digital asset markets.
