Greece Just Stopped a $1.5Bn Crypto Heist: This Is How Athens Saved Your Bags

[Ben Graham]

Greek authorities have frozen a crypto wallet linked to the record-breaking $1.5 billion hack of the Bybit exchange, marking the country’s first major enforcement action involving stolen digital assets.

According to Greek news outlets Proto Thema and Kathimerini, the Hellenic Anti-Money Laundering Authority (HAMLA) acted on intelligence received in May, which identified a significant inflow of Ether (ETH) to a user account on a Greek crypto trading platform.

Using forensic blockchain analysis tools, HAMLA confirmed that the funds originated from the massive Bybit breach in February 2025.

$1.5B Bybit heist trail leads to Greece

Greece’s AML Authority froze an $ETH wallet on a local exchange—linked to the historic February @Bybit_Official attack by North Korea’s Lazarus Group.
This marks Greece’s first-ever crypto seizure tied to global AML enforcement.… pic.twitter.com/MMSW2d2kXA

— CryptoPotato Official (@Crypto_Potato) June 25, 2025

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Wider Crypto Laundering Network Tied to Bybit Exchange Hack

Crypto investigator ZachXBT has highlighted how groups like North Korea’s Lazarus Group operate massive laundering networks using OTC brokers, privacy wallets, and exchanges in weak regulatory zones. He estimates that Tron’s “Black U” market alone may be worth $5–10 billion, with much of it unattributed.

In the case of the Bybit hack, the Lazarus Group quickly moved $160 million through illicit channels within just two days. Analysts say this suggests an alarming expansion of laundering capacity.

Lazarus Group just connected the Bybit hack to the Phemex hack directly on-chain commingling funds from the intial theft address for both incidents.

Overlap address:
0x33d057af74779925c4b2e720a820387cb89f8f65

Bybit hack txns on Feb 22, 2025:… pic.twitter.com/dh2oHUBCvW

— ZachXBT (@zachxbt) February 22, 2025

Despite rising concerns, many exchanges still profit from illicit transactions without intervention. According to the U.S. Department of Justice, North Korea also deploys IT workers abroad under fake identities to funnel funds back home, often in USDT or USDC. The Athens seizure marks a rare success in intercepting this global laundering network.

Greek Wallet Tied to The  Hack Frozen in Landmark Seizure

The attackers reportedly used sophisticated laundering techniques, splitting the stolen ETH across multiple wallets to obscure its origins. The frozen wallet in Greece represents the first time local authorities have successfully traced and blocked digital assets involved in such a high-profile theft. A formal seizure order has also been issued, with the case now in the hands of Greek prosecutors.

HAMLA President Charalambos Vourliotis briefed Finance Minister Kyriakos Pierrakakis on the agency’s findings, underlining the discovery’s significance. He noted that while the recipient of the illicit ETH hasn’t been officially named, further legal action is underway.

This operation reflects a growing ability among European regulators to track crypto crime in real time, with Athens joining a widening global net cast by international agencies, including the FBI, which has already flagged the Bybit case publicly.

Forensics revealed that the Greek-linked wallet was not part of a standard commercial transaction. Instead, the ETH followed a pattern previously tagged by U.S. investigators, confirming its association with the Bybit hack. Analysts suspect the Greek account may have acted as a link on a broader laundering chain, though it’s unclear whether the wallet owner was aware of the funds’ illicit origins.

With digital asset crime increasingly crossing borders, Greece’s intervention sets a new precedent in crypto enforcement.

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Key Takeaways

• Historic Action in Greece: Greek officials froze a wallet tied to the Bybit exchange hack, their first major crypto-related asset seizure.
• Lazarus Group Connection: The theft is linked to North Korea’s Lazarus Group, known for laundering stolen crypto via OTC brokers and weakly regulated exchanges.
• Blockchain Forensics at Work: HAMLA used on-chain analysis tools to trace stolen ETH to a Greek exchange, triggering immediate asset freezes and legal action.
• Global Scrutiny Rising: U.S. DOJ and FBI have intensified efforts, confirming the funds’ freeze and filing forfeiture actions against North Korean-linked laundering operations.

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