Spoils of $1.5 Billion Bybit Hack Traced to Greek Crypto Exchange: Report
Proceeds from the $1.5 billion hack of crypto exchange Bybit in February have been traced to an unnamed Greek crypto exchange. The attack is linked to North Korea's Lazarus Group, known for high-profile cyberattacks. Greece’s Anti-Money Laundering Authority detected a suspicious transaction in May involving a user who received a large quantity of Ethereum, later connected to the stolen Bybit funds. A seizure order has been issued for the user's crypto wallet, and legal action is pending. The incident may lead to increased scrutiny of cryptocurrencies by Greek authorities. Bybit has recovered $42.89 million of the stolen assets, with 88.87% traceable on the blockchain. However, 7.59% of the funds have become untraceable due to anonymity tools, and 3.54% have been frozen through cooperation with other exchanges. The complexity of the laundering operations suggests advanced infrastructure in neighboring countries like China.
