Global darknet crypto revenues saw a drastic 15% drop in 2024, through Russia’s darknet market scene is showing a very different story.
Altogether, these markets brought in just over $2 billion in Bitcoin, while fraud shops dealing in stolen or counterfeit goods saw around $225 million in inflows.
In a blog post, Chainalysis revealed that while the total revenue on darknet markets has dropped following international law enforcement efforts, crypto sales on a particular Russian darkweb has jumped by more than 68%.
This platform is Kraken, which has become the biggest darkmarket in Russia since the closure of Hydraw in 2022, which was the reigning darknet market for many years.
Another major darkmarket platform, MEGA, which was previously the main drug suppliers for vendors have also seen its inflow drop by over 50% year-over-year.
In contrast, Kraken has grew nearly 68% YoY, handling $737 million on-chain in 2024, Chainalysis noted. Meanwhile, Blacksprut, which initially gained traction alongside MEGA, also saw its revenue drop by 13.6%.
And Crypto is just part of the story, as vendors are growing even more savvier and more coordinated, increasingly key functions-hosting, payments, and logistics-to turnkey providers like iKlad.biz and Klad.cc.
While Hydra market collapsed back in 2022, but it didn't totally disappear. Rather, its former affiliates reconsolidated their forces before reemerging back into the same shadowy ecosystem.
Meanwhile, authorities all around the world are also trying its best to crackdown on these darkmarkets. For example, in December 2024, a Russian court sentenced Stanislav Moiseyev, Hyrdra's founder, to life in prison. Fifteen of his associates also received sentences, which ranged from 8 to 23 years.
In the United States, federal authorities arrested Taiwanese national Rui-Siang Lin in May 2024 for running Incognito Market, a darknet market that disappeared after an exit scam in March.
While Bitcoin was previously was often the go to currency for transactions, but many vendors are now moving away from Bitcoin and turning to privacy coins like Monero (XMR), which offer enhanced anonymity and reduced traceability.
Some vendors are also experimenting with DeFi platforms, as it offers extra privacy and lighter oversight, letting users bypass KYC checks and other red tape, which makes it a convenient way for criminals to cash out quietly.
While retail vendors are storing more crypto on-chain, wholesale vendors are leaning heavily on DeFi. This results in a more fragmented and harder to-trace web of darknet market transactions.
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