Spoils of $1.5 Billion Bybit Hack Traced to Greek Crypto Exchange: Report

The proceeds from the Mammoet of February $ 1.5 billion hack from Crypto Exchange Bybit has been reduced to a public Greek crypto exchange by the country’s authorities.

The attack, considered the largest of a crypto exchange in history, was later traced by researchers on the chains to the Lazarus group in North Korea. The group sponsored by the state has been bound in recent years to numerous high-profile cyber attacks, both inside and outside the crypto world.

The president of Greece’s anti-money laundering practice, Charalambos Vourliotis, said that the supervisor has detected a “suspicious” transaction by a registered user of the Greek exchange in May, according to a press conference Reported by the Greek newspaper Proto theme. The Ethereum portion of the user is reportedly received a “large amount” of the cryptocurrency.

After an investigation by her analysts, the transactions were then linked to funds from the Bybit -Hack. It is said that a seizure order for the funds has been issued by the Crypto portion of the user and a report has been submitted to the public prosecutor for further legal steps for further legal steps.

Although many well -known international fairs have a permit to operate in Greece, including Coinbase, Kraken and Gemini, the country also has several locally based, focused in its own country Bcash.

The announcement could have broader domino effects for Greek crypto users. Proto theme Reports that cryptocurrencies “now also fall under the study” of the country’s anti-money laundering practices.

Tracing Bybit’s stolen funds

Bybit succeeded in maintaining liquidity in the immediate aftermath of the devastating attack and leaned in the short term “bridge loans” from other crypto companies such as Galaxy Digital, Falconx and Wintermute, but many of the stolen funds still have to be restored.

Bybit claims have recovered $ 42.89 million from the assets At the time of writing, with around 88.87% of the missing crypto traceable for researchers on the blockchain from the end of March.

Bybit, however, says that about 7.59% of the funds have become ‘dark’, because of the use of anonymity retention tools such as cryptocurrency mixers such as Wasabi, cryptomixer, Railgun and Tornado Cash, which means that they will probably never be restored. An additional 3.54% of the funds is frozen through collaboration with other trade fairs.

Reports on the incident have noticed the complexity and speed of the money white activities of the Noord -Korean team and say that this can suggest the presence of the presence of Complex crypto-loading infrastructure In neighboring countries such as China.

Edited by Stephen Graves