Greece’s Hellenic Anti-Money Laundering Authority has successfully frozen cryptocurrency assets linked to North Korea’s notorious Lazarus Group, marking the country’s first-ever seizure of digital assets. This operation was made possible through a strategic partnership with Chainalysis.
Chainalysis Helps Authorities Recover Funds
In February 2025, popular digital asset exchange Bybit reported a sophisticated UI Spoofing attack pulled off by North Korea’s Lazarus Group, which resulted in a staggering loss estimated at $1.5 billion. However, Greek authorities, with the support of Chainalysis, successfully traced the illicit funds and identified the wallet associated with the suspects.
The investigation began when Greek authorities spotted a suspicious crypto transaction. They used Chainalysis Reactor to visualize the complex flow of funds. The tool helped establish a definitive connection between the cryptocurrency in the suspect’s wallet and the primary wallets used in the Bybit hack.
With this evidence, the authorities issued a “Freezing Order,” immediately freezing the wallet and its contents. Chainalysis Reactor provided essential operational support, delivering expert consulting, comprehensive training, and ongoing assistance to strengthen the authority’s analytical capacity.
Crypto Hacks on the Rise
The successful operation highlights the importance of investing in advanced technology and expertise. The application of Chainalysis Reactor played a crucial role in tracking the stolen funds. Its ability to visualize complex transactions enabled authorities to establish significant connections to North Korea’s Lazarus Group.
However, despite concerted efforts to put hackers at bay, cases of exploits continue to surge, with most of them having ties to North Korea. Earlier yesterday, decentralized perpetual exchange GMX suffered a huge exploit, resulting in a staggering $42 million loss.
The blockchain platform immediately shared the news of the exploit on X after detecting malicious wallet activity. In a bid to recover the stolen funds, the exchange offered the hacker a 10% bounty, promising no action if the funds were returned within 48 hours.
In a separate development. SiloFinance, a non-custodial lending protocol, suffered a sophisticated hack on June 25, 2025, resulting in a loss of approximately $545,000. Security platforms like PeckShield and CertiK detected the breach and called the protocol’s attention via X.
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