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Major Breakthrough in Crypto Crime: Greece Freezes Digital Assets

In a landmark moment for crypto security, Greek authorities have successfully frozen cryptocurrency assets tied to the infamous $1.5 billion Bybit hack. This marks the first time ever Greece has carried out such an action, directly targeting the funds linked to North Korea’s notorious Lazarus Group – a name well-known in the world of cybercrime.

Thanks to advanced forensic tools like Chainalysis Reactor, investigators traced the stolen crypto despite the hackers’ complex laundering strategies designed to obscure their trail.

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How Did They Do It? A Play-by-Play of the Investigation

The probe began after Greek anti-money laundering units noticed suspicious transactions months after the Bybit attack took place.

Using blockchain visualization tools they acquired in 2023, investigators tracked the movements of stolen funds, pinpointing a wallet directly tied to the February 2025 hack.

By the time Greece stepped in, 32.78% of the $1.4 billion haul remained traceable, 62% had vanished into the dark web’s abyss, and just over 5% was successfully frozen.

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Chainalysis Exposes Lazarus’ Playbook

Through meticulous blockchain tracing, investigators discovered that the Lazarus Group laundered the stolen Ethereum (ETH) through a dense web of transactions aimed at confusing law enforcement.

Chainalysis also confirmed that the initial compromise happened via social engineering attacks, targeting cold wallet signers to manipulate multi-signature protections.

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Bybit’s CEO, Zhou, described the moment as a nightmare — initially believing 30,000 ETH worth $82 million had been stolen before realizing the real loss: 401,000 ETH worth $1.4 billion.

Within hours of the breach, Bybit processed a staggering 350,000 withdrawal requests, attempting to maintain customer confidence through transparency and swift action.

Meanwhile, the hackers were moving fast — using mixers, bridges, and decentralized exchanges to hide their tracks.

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Where Did the Money Go?

Analysts confirmed 86.29% of the stolen funds had been transformed into over 12,800 Bitcoin, spread across 9,100+ wallets via obfuscation tools like Wasabi, Tornado Cash, CryptoMixer, and Railgun.

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Germany Follows Suit with €34M Crypto Seizure

While Greece made headlines, Germany also took action, seizing €34 million ($38M) from the notorious eXch platform as part of its own investigations into laundering proceeds from the Bybit breach.

This marked Germany’s third-largest crypto seizure ever, effectively shutting down a service notorious for helping criminals hide funds. Authorities discovered eXch had handled over €1.75 billion ($1.9B) in crypto transactions linked to illegal activities.

Despite officially claiming a shutdown in April, eXch continued operations secretly through backend APIs.

TRM Labs revealed Lazarus and other criminal groups used signature mixing pools within eXch to continue hiding funds even after regulators flagged the platform.

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The Bigger Picture: Crypto Crime Isn’t Slowing Down

These high-profile recoveries are part of a larger international effort to tighten the net around crypto-based laundering.
However, cybercrime in the blockchain space continues:

• Taiwan’s BitoPro: Lost $11.5M through exposed wallets in system upgrades.

• Brazil’s C&M Software: Victim of a $40M laundering incident.

• Iran’s Nobitex Exchange: Confirmed a $73M hack that escalated to $90M stolen.

• GMX DEX (Decentralized Exchange): Today reported a suspected $42M exploit.

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Bybit’s Response: Bounties on Stolen Funds

In response, Bybit has launched a bounty program offering up to 10% rewards on recovered assets, totaling potential payouts of up to $140 million.

This proactive stance shows how exchanges are learning to protect not just their platforms but also their reputations in an increasingly hostile digital world.

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Final Thoughts

The cryptocurrency world is rapidly evolving, and with it, the tools law enforcement uses to fight back.
This case shows the growing maturity of blockchain analytics and international collaboration in tackling cybercrime.
However, vigilance remains key — especially as state-sponsored groups like Lazarus adapt to new defenses.