In a breakthrough investigation, Greek authorities have uncovered a direct domestic connection to one of the largest cryptocurrency thefts in history the $1.5 billion Bybit hack that rocked global digital asset markets in February 2024.
The Anti-Money Laundering Authority (AMLA) confirmed it had frozen a Greek user’s cryptocurrency wallet after advanced blockchain analysis revealed it had received a substantial amount of Ethereum directly traceable to the stolen funds. The move marks the first known Greek footprint in the complex and sprawling digital crime, underscoring the global reach of cyber-financial operations.
Unravelling the Trail of Stolen Ethereum
The Greek investigation gained momentum several weeks ago when AMLA analysts flagged a suspicious influx of Ethereum into a local user’s wallet on a registered Greek cryptocurrency exchange. Though the transaction initially appeared routine, closer inspection revealed irregularities in both volume and source.
Using blockchain forensics software, investigators retraced the Ethereum’s path and discovered it originated from a digital wallet previously identified by the FBI as linked to the February Bybit heist. This digital paper trail, often obfuscated by fragmentation and transfers through hundreds of intermediary wallets, ultimately led to a wallet owned by a Greek citizen.
“The digital money was not linked to any legitimate trade or market activity,” authorities noted. Instead, it followed a transaction chain already mapped by international law enforcement agencies, including the U.S. Federal Bureau of Investigation.
Anatomy of a Global Crypto Heist
The Bybit attack, which took place in February 2024, targeted the platform’s cold wallets, offline storage systems used precisely to prevent such breaches. Despite these security measures, hackers extracted roughly $1.5 billion in crypto assets, primarily Ethereum. The incident stunned the crypto world and prompted immediate intervention by international authorities.
On February 26, the FBI issued a public alert linking the theft to the Lazarus Group, a North Korea-based hacking collective infamous for using cyberattacks to fund Pyongyang’s nuclear weapons programme. The alert included specific wallet addresses and called on global crypto platforms to freeze assets associated with the group.
Greece Enters the Global AML Map
The Greek wallet’s identification represents a significant advance in the country’s anti-money laundering efforts. “The digital knot was untangled through diligent monitoring and sophisticated blockchain analysis,” AMLA officials said.
Although cryptocurrencies like Ethereum allow for anonymous transactions, every move is recorded on the blockchain, a decentralised digital ledger. By analysing public records of transactions and using tools such as Chainalysis, Elliptic, and TRM Labs, investigators can reconstruct even heavily fragmented transfers with striking precision.
Once it was confirmed that the Greek user’s wallet had received assets linked to the Bybit theft, AMLA initiated its internal protocol. A prosecutor’s order authorised the immediate freezing of the wallet, effectively locking the suspect funds and preserving the evidence for potential legal action.
Ongoing Investigation into User Intent
At this stage, there is no indication that the Greek user knowingly participated in the laundering operation. However, authorities are pursuing all possible angles, including whether the individual may have served as an unwitting “intermediate link” in a global money laundering chain.
The findings have been submitted to the Prosecutor’s Office, which will assess potential criminal liability. Investigators are also examining the individual’s association with a local Virtual Asset Service Provider (VASP) and whether due diligence protocols were properly followed.
A Cautionary Tale for the Crypto Ecosystem
This latest development in the Bybit case reinforces the importance of vigilant monitoring and regulatory compliance in the crypto industry. It also highlights the paradox of blockchain technology: while it allows anonymity in transactions, its public ledger offers unprecedented traceability, making even the most complex laundering schemes vulnerable to exposure.
For Greece, the case could serve as a turning point, raising the country’s profile in international anti-cybercrime cooperation and digital asset regulation. As financial crimes grow increasingly borderless, national authorities are being called upon to operate with global precision.
The investigation continues.
