First crypto confiscation in Greece after $ 1.5 billion bybit-hack: Chainalysis reveals money laundering methods from the North Korea group Lazarus.

First crypto confiscation in Greece after $ 1.5 billion bybit-hack: Chainalysis reveals money laundering methods from the North Korea group Lazarus.

Greece takes the first cryptocurrency confiscation after $ 1.5 billion bybit-hack

Greece recently made its first confiscation of cryptocurrencies in connection with a hack of $ 1.5 billion on the Bybit trading platform. This step shows how important it has become for states to act against cybercrime and money laundering.

The Greek authorities used the tools from Chainalysis to pursue the money laundering activities of the notorious Lazarus Group from North Korea. This group is associated with various cyber attacks, including the big hack on bybit.

By analyzing the blockchain data, the investigators were able to understand how the stolen funds were washed by the cybercriminals. The use of blockchain analysis tools is of crucial importance for law enforcement, since they offer an insight into the often anonymous transactions in the crypto sector.

The performance of the Greek authorities underlines increasing international cooperation to combat criminal activities in connection with cryptocurrencies. The steps that Greece takes are another example of how states try to protect the integrity of the financial systems and to fight cybercrime effectively.

Developments in Greece are part of a larger trend in which countries are increasingly taking measures against cryptocurrency fraud and funds from criminal activities.