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.
Demetri Bezaintes, an Associate, 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." Demetri 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.
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.
Demetri Bezaintes is an associate based in the London office within the Financial Services and Crypto Litigation Department. He is a solicitor in England & Wales and also a qualified Greek Lawyer (dikigoros).
He has a thorough knowledge of investment fraud and fund tracing. He works tenaciously for our clients, advising on cryptocurrency, Forex trading disputes and regulatory investigations. He draws his expertise in investment law from his experience in the banking sector and his experience in banking and financial services regulation. Prior to joining Giambrone & Partners Demetri worked at an international bank, where his main focus was the enforcement of freezing orders and third-party debt orders.
He approaches cross-border jurisdiction matters with a comprehensive view, based on his knowledge of both civil and common law. After qualifying as a lawyer in Greece, he obtained a Graduate Diploma in Law from the University of Westminster.
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