Greece successfully Tracks and Recovers stolen Cryptocurrency from Cyber Criminals

There are starkly opposing attitudes towards cryptocurrency across the globe. In some countries it is welcomed and in others it is banned. El Salvador was the first country to adopt it as legal tender and Switzerland is known as Crypto Valley and in the European Union the Markets in Crypto-Assets Regulation (MiCA) provides a coordinated approach to crypto regulation across all member states. 

In the countries that accept cryptocurrency in their varying degrees there is an ongoing struggle against fraud which cryptocurrency attracts. The Hellenic Anti-Money Laundering Authority in Greece has made its first cryptocurrency seizure addressing over £1 billion fraud. 

The first-ever action by the Greek authorities was taken in connection with Chainalysis Reactor, which was obtained in 2023 and with the support of Performance Technologies enabling the delivery of a freezing order to prevent the funds from being lost to fraud. Extensive tracking was required to follow the immutable digital trail that all crypto transactions generate.

The recovery was achieved by investment in cutting-edge technology and the knowledge and expertise of the Hellenic Anti-Money Laundering Authority who undertook a painstaking investigation once a suspicious transaction was noticed. This was one of history’s largest cyber heists where hackers stole approximately £1 billion from the Bybit exchange in February 2025.

Once the cyber criminals had stolen the funds, 86.29% was converted into 12,836 Bitcoin and dispersed across 9,117 wallets. This was done primarily by using Bitcoin wallets such as Wasabi, CryptoMixer, Railgun and Tornado Cash in order to create a smokescreen and in the hope that the intricate serpentine procedures that they employed would hide the stolen cryptocurrency. 

Joanna Bailey a partner commented “The use of technology and devices that enable blockchain analysis, together with well-trained experts is the way forward in tackling world-wide crypto fraud. The evidence on blockchain is irrefutable and was the driver in the success where the Greek authorities were able to track and trace the stolen funds and immediately issue a worldwide freezing order which effectively prevented the cyber criminals to have access and control of the funds that they stole.” Joanna further commented "the threat of financial cybercrime requires strategies that can adapt to whatever the fast-moving criminals next approach may be and organisations should consider obtaining cutting-edge technology and expertise to combat crypto crime. The Greek authorities impressive forethought has proved to be a most successful stance and will doubtless have sent a message to the cyber criminals to avoid attacking any platform associated with Greece.”

Kyriakos Pierrakakis, Greece’s Minister of Economy and Finance, supports the strengthening of the use of cutting-edge modern technology to fight financial cybercrime. Organisations combining technology and specialist expertise can erode criminal anonymity, behind which the cyber criminals hide which will bolster the confidence in the digital asset market.

Joanna Bailey heads our banking and financial fraud litigation department.

Joanna frequently leads the litigation against financial institutions involved in cryptocurrency trading disputes, as well as Forex investment issues and regulatory investigations and has some considerable success in retrieving our clients' funds lost in fraud.

She has developed a range of strategies both to find the assets of the individuals perpetrating the fraudulent schemes and restore the funds to our clients. As well as recognising culpability in the organisations facilitating (but not associated with the fraud), by failing to undertake adequate due diligence.

Joanna led the first case in Europe where proceedings were served on Persons Unknown connected with two digital wallets over the blockchain by non-fungible token or ‘NFT’ in a cryptocurrency fraud. Following this ground-breaking case Joanna was named as Lawyer of the Week in the Financial Times.

Joanna is highly experienced in high-value out-of-court settlement negotiations and has in-depth knowledge of the Civil Procedure Rules as well as English common law.

Giambrone & Partners financial fraud litigation team strongly urge the use of on-chain analysis tools to trace stolen funds which enables the triggering of immediate asset freezes and legal action. Constant vigilance and immediate action defeats the cyber criminals.

clerk Helena Balster on HB@giambronelaw.com or please click here.