Greece Executes First-Ever Crypto Asset Seizure After $1.5 Billion Bybit Hack Using Chainalysis Reactor

Greek Authorities Make History with First Cryptocurrency Seizure Linked to Bybit Hack

In a landmark operation for the Greek crypto sector, investigators have successfully tracked and seized digital assets tied to the notorious $1.5 billion Bybit hack attributed to North Korea's Lazarus Group. This marks the first incident in Greece where law enforcement has confiscated crypto assets — a testament to the growing capabilities of blockchain analysis tools in fighting cybercrime.

As announced on July 9, the Hellenic Anti-Money Laundering Authority (HAML) traced and froze stolen cryptocurrency using Chainalysis Reactor, a leading blockchain forensic platform. Chainalysis, in partnership with Performance Technologies, equipped Greek investigators with the advanced analytics needed to uncover the wallets used by the hackers. This operation not only put a halt to illicit funds but also set legal action in motion against those behind the attack.

Chainalysis Reactor Unmasks Complex Laundering Schemes

For years, criminal organizations like the Lazarus Group have exploited blockchain’s perceived anonymity, moving billions through a maze of decentralized exchanges, cross-chain swaps, and privacy mixers. However, this time, their sophisticated methods met their match.

Chainalysis Reactor provided investigators with the ability to meticulously follow digital footprints across over 25 different blockchains. Even as the hackers employed obfuscation techniques and hop protocols to conceal their trail, the blockchain analytics software managed to reconstruct the transaction path, leading back to the original Bybit exploit wallets.

Once authorities flagged the suspicious transaction, they quickly enacted an emergency freezing order to immobilize the funds — effectively curbing further movement and ensuring that the assets remained out of criminal hands. The case is now progressing through the Greek judicial system, signaling a shift from digital investigation to enforceable legal consequences.

Setting a New Standard in Crypto Compliance and Enforcement

The successful seizure underscores how strategic collaborations between global crypto intelligence firms and local enforcement agencies are closing the gap on digital asset crime. Greece’s swift response exemplifies a new era in crypto compliance, echoing successful enforcement models like those of the U.S. FBI.

Greek Finance Minister Kyriakos Pierrakakis hailed the operation as a "blueprint" for modern financial security against sophisticated cyberthreats. The seizure isn't just a win for Greece, but also a pivotal moment in global efforts to regulate and secure blockchain networks. As cybercriminals update their methods, so do the tools and strategies used by investigators, proving that even the most elusive digital footprints can now lead to prosecution and asset recovery.