First Greek Cryptocurrency Seizure: Chainalysis Reactor Helps Recover Funds After Bybit Hack

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Chainalysis
07-22
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Summary

  • The Greek Anti-Money Laundering Authority, with Chainalysis's support, successfully seized cryptocurrency for the first time in the past's largest $1.5 billion Bybit hacking incident. Some of the tracked assets have already been frozen.
  • This groundbreaking achievement is based on strategic investment through the introduction of Chainalysis Reactor via local partner Performance Technologies in 2023, with continuous support.
  • This case demonstrates that a combination of cutting-edge blockchain analysis tools, expert training, and international cooperation is highly effective in combating global crypto asset crimes.

The public and immutable ledger characteristics of blockchain have become a powerful tool for law enforcement and intelligence agencies. Since every transaction leaves a digital trace, complex crime plans and fund flows can be uncovered using appropriate tools and expertise. These principles are demonstrated in a case first applied by Greek Anti-Money Laundering authorities domestically. They achieved a groundbreaking result using blockchain analysis technology against crypto asset crimes, showing that with proper analytical infrastructure and collaboration, crypto assets are far more traceable and recoverable compared to traditional financial assets.

This groundbreaking operation successfully recovered funds stolen in the largest cybercrime incident. This achievement is a direct result of strategic investment in cutting-edge technology and expertise. The success clearly shows that public agencies can effectively combat financial crimes in the digital age by maximizing blockchain's transparency.

From Theft to Resolution by Local Authorities

The investigation, originating from the February 2025 incident where approximately $1.5 billion in crypto assets were illicitly transferred from Bybit, is widely noted to be connected with notorious money laundering activities involving North Korea's Lazarus and Russia. The criminal group immediately transferred stolen ETH through multiple complex transaction networks, cunningly concealing fund flows using sophisticated money laundering techniques.
Months later, new information about suspicious crypto asset transactions was discovered, providing crucial clues for Greek authorities to unravel the complex money laundering scheme.

Tracking Fund Flows Using Chainalysis Reactor

Greek authorities played a crucial strategic preparatory role. In 2023, they invested in advanced blockchain analysis capabilities by introducing Chainalysis Reactor through their trusted regional partner Performance Technologies. Performance Technologies' analytics division supported the authorities' analytical capabilities through professional consulting, comprehensive training, and continuous support.
When suspicious transactions occurred, the authorities' skilled analysts immediately utilized Chainalysis Reactor to visualize complex fund flows. They successfully traced connections between suspects' wallets and key wallets used in the Bybit hacking, securing irrefutable on-chain evidence.
Following the successful blockchain tracking, authorities issued a "freeze order", quickly freezing wallets and their contents, preventing criminals from accessing proceeds of crime. The case is currently transferred to the competent prosecutorial authorities, with digital investigation results leading to concrete legal measures.

Strategic Partnership Towards a Safer Crypto Asset Ecosystem

This successful case demonstrates the value of multi-layered partnerships between public agencies and private companies. The following organizations were involved:
  • Advanced Public Agency: Hellenic Anti-Money Laundering Authority proactively invested in necessary technology and training.
  • Local Technology Partner: Performance Technologies supported investigators in maximizing investigation tool capabilities through local procurement, training, and professional support.
  • World-Leading Blockchain Analysis Company: Chainalysis provided powerful investigation tools (Reactor) enabling the investigation.

Greek Finance Minister Kyriakos Pierrakakis also praised this success, emphasizing the critical role of relevant authorities and latest digital tools in preventing and deterring financial crimes. As seen in such cases, criminals' anonymity in the crypto asset space is rapidly diminishing.

Through continued collaboration and advanced blockchain analysis tool implementation, we aim to build blockchain trust and create a safer digital economy for everyone by cooperating with law enforcement and intelligence agencies worldwide.

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The post Greece's First Crypto Asset Seizure Case: Chainalysis Reactor Assists in Recovering Bybit Hacking Funds appeared first on Chainalysis.

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