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    Home»Crypto News»Spoils of $1.5 Billion Bybit Hack Traced to Greek Crypto Trade: Report – Decrypt
    Spoils of .5 Billion Bybit Hack Traced to Greek Crypto Trade: Report – Decrypt
    Crypto News

    Spoils of $1.5 Billion Bybit Hack Traced to Greek Crypto Trade: Report – Decrypt

    By Crypto EditorJune 25, 2025No Comments3 Mins Read
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    Spoils of $1.5 Billion Bybit Hack Traced to Greek Crypto Trade: Report – Decrypt

    In short

    • Funds from February’s $1.5 billion hack of crypto alternate Bybit have been traced to a Greek crypto alternate, based on the nation’s authorities.
    • Greece’s Anti-Cash Laundering Authority detected a “suspicious” transaction by a registered person of the unnamed Greek alternate in Could.
    • To this point, Bybit claims to have recovered $42.89 million of the belongings stolen within the hack.

    Proceeds from February’s mammoth $1.5 billion hack of crypto alternate Bybit have been traced to an unnamed Greek crypto alternate by the nation’s authorities.

    The assault, thought of the biggest of a crypto alternate in historical past, was later traced by on-chain investigators to North Korea’s Lazarus Group. The state-sponsored group has been tied to quite a few high-profile cyberattacks lately, each inside and outdoors the crypto world.

    The President of Greece’s Anti-Cash Laundering Authority, Charalambos Vourliotis, stated the regulator detected a “suspicious” transaction by a registered person of the Greek alternate in Could, based on a press convention reported on by Greek newspaper Proto Thema. The person’s Ethereum pockets reportedly acquired a “giant amount” of the cryptocurrency.

    Following an investigation by its analysts, the transactions had been then linked to funds stolen from the Bybit hack. A seizure order has reportedly been issued for the funds by the authority for the person’s crypto pockets, and a report has been submitted to the nation’s Prosecutor’s Workplace for additional authorized motion.

    Although many well-known worldwide exchanges are licensed to function in Greece, together with Coinbase, Kraken, and Gemini, the nation additionally has a number of locally-based, domestically centered exchanges, corresponding to Bcash.

    The announcement may have wider knock-on results for Greek crypto customers. Proto Thema stories that cryptocurrencies “at the moment are additionally falling beneath the scrutiny” of the nation’s Anti-Cash Laundering Authority.

    Tracing Bybit’s stolen funds

    Bybit managed to retain liquidity within the speedy aftermath of the devastating assault, leaning on short-term “bridge loans” from different crypto corporations like Galaxy Digital, FalconX, and Wintermute, however most of the stolen funds have but to be recovered.

    Bybit claims to have recovered $42.89 million of the belongings on the time of writing, with roughly 88.87% of the lacking crypto traceable to investigators on the blockchain as of late March.

    Nonetheless, Bybit says that round 7.59% of the funds have “gone darkish,” as a result of the usage of anonymity-preserving instruments like cryptocurrency mixers corresponding to Wasabi, CryptoMixer, Railgun, and Twister Money, which means they’ll possible by no means be recovered.  A further 3.54% of funds have been frozen via collaboration with different exchanges.

    Experiences on the incident have famous the complexity and pace of the North Korean group’s cash laundering operations, saying this will likely recommend the presence of advanced crypto-laundering infrastructure in neighboring international locations like China.

    Edited by Stephen Graves

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