Yeliz Akmaca 
Greece officially froze crypto assets linked to the $1.46 billion Bybit hack that occurred in February 2025. This move marks the country’s first-ever asset freeze targeting cryptocurrencies. The Greek AML authority carried out the operation in collaboration with Chainalysis.
The Bybit hack was executed by Lazarus, a North Korea-linked cybercrime group. The FBI labeled the incident as the “TraderTraitor” operation. The stolen amount surpassed all North Korea-related cyber thefts in 2024.
Lazarus’s “Flood the Zone” Tactic Exposed
After the attack, Lazarus rapidly laundered the stolen funds through multidirectional, high-frequency transactions. This method, called “flood the zone” by TRM Labs, aims to overwhelm exchange compliance teams and blockchain analytics firms.
TRM Labs stated, “This tactic involves intense, simultaneous transfers designed to drown regulators and analysts. The Bybit hack clearly showed an increased use of this method.” This reveals significant security gaps in the digital asset ecosystem.
Meanwhile, Chainalysis experts traced suspicious wallets linked to a local crypto exchange in Greece. As a result, the assets held by the exchange were frozen. This step underlines the critical role of international cooperation in fighting crypto crimes.
A New Chapter in Global Crypto Regulation
Greek Finance Minister Kyriakos Pierrakakis commented on the case: “Thanks to blockchain’s traceability, international cooperation can stop financial crimes.”
This operation may inspire similar actions in countries like South Korea and the U.S. Centralized exchanges such as Bybit must strengthen security after such attacks. The rise in investments across DeFi and CeFi platforms makes this increasingly important. According to DeFiLlama, the total value locked (TVL) reached $121 billion in July 2025.
This development highlights cybersecurity as a top priority in crypto markets. Moreover, blockchain’s transparency enables more effective combat against cybercrime.
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