Lazarus Group Foiled: Greece Makes Historic Crypto Recovery
- Keyword Financial
- Jul 9
- 3 min read
Introduction
Greek authorities have successfully executed the country’s first-ever cryptocurrency seizure, targeting funds linked to the massive $1.5 billion Bybit exchange hack that occurred in February 2025. The hack, widely attributed to North Korea’s Lazarus Group, involved the theft and laundering of a significant amount of ether. Using advanced blockchain analysis tools, including Chainalysis Reactor, the Hellenic Anti-Money Laundering Authority was able to trace suspicious transactions on a Greek crypto exchange back to the original theft, leading to a freezing order that prevented the assets from being moved further.
This operation marks a significant milestone in Greece’s fight against financial crime and demonstrates the growing effectiveness of international cooperation and digital forensic tools in tracking illicit crypto activity. The seized funds represent a portion of the stolen assets, with about $72 million (roughly 5% of the stolen ether) now frozen, while a large portion remains unaccounted for. The hackers had attempted to obscure the money trail using privacy mixers, cross-chain bridges, and peer-to-peer transactions, but the persistent efforts of Greek authorities and their partners ultimately led to this breakthrough.
Greek officials have hailed the operation as a blueprint for modern financial defense, highlighting the importance of investing in technology and expertise to combat increasingly sophisticated cybercrime. The case underscores how blockchain’s transparency, combined with the right analytical tools and international collaboration, can help law enforcement agencies recover stolen assets and hold cybercriminals accountable, even in complex, cross-border cases.
