Russia has become the absolute leader in the turnover of funds on the darknet. For 2020, the total cryptocurrency turnover wasBlack market exceeded $ 288 million
Russians actively use darknet services
According to research from the Chainalysis resource,Russia has become a leader in the use of darknet services. In 2020, the total volume of cryptocurrency payments in the dark segment of the Internet in Russia exceeded $169 million, and the total amount of funds received from darknet markets amounted to $119 million.
The total turnover of cryptocurrency in the darknet sector in Russia in 2020 exceeded $ 288 million. According to this indicator, the Russian Federation has overtaken even such disadvantaged countries as Venezuela, Vietnam and a number of other states.
Among the leaders in the use of the darknet alsoincluded the United States with a total annual turnover of $ 179 million and Ukraine with an indicator of $ 98 million. China took fourth place in the anti-rating of countries with the most frequent use of black market services with an annual turnover of $ 87 million. The top five is closed by Vietnam with an indicator of $ 56 million.
"The United States, Russia, Ukraine and Chinadominate the value of both funds sent and received from darknet markets. Venezuela and Vietnam also rank high on both sides. Their activity is slightly more skewed towards purchases, which may be related to the production of medicines. We also suspect that a significant portion of the Chinese and Russian volume generated by darknet markets is related to money laundering in those countries.", Says the Chainanalysis report.
Most often, scammers send funds fromusing cryptocurrency exchanges, P2P platforms, as well as various “cryptocurrency mixers” that mix transactions in one block and do not allow tracing the sender and recipient of the cryptocurrency.
To receive cryptocurrency, users alsouse cryptocurrency exchanges and mixers. It is worth noting that in 2020 scammers began to use cryptocurrency mixers more often compared to other periods.
“We are also seeing significant growth in popularitymixers: their share more than doubled from about 5% in 2019 to about 13% in 2020. This reflects the growing caution on the part of darknet merchants and administrators following the crackdown by law enforcement agencies. ", - say analysts at Chainalysis.
Who remains the leader of the cryptocurrency darknet?
If we talk about suppliers of services and goods onthe darknet market, then for several years the leading position has been occupied by the Hydra marketplace, which specializes in serving Russian-speaking countries. It accounts for 75% of all revenue on the darknet.
Note that Hydra Marketplace controls 60%drug market on the darknet. In terms of cryptocurrency turnover, Hydra entered the top 10 platforms in terms of cryptocurrency transaction volume in Eastern Europe and even some popular crypto exchanges such as Kraken, OKEx, Poloniex and others.
Chainanalysis analysts point out that if we exclude Hydra, the revenue from the darknet market from 2019 to 2020 remained roughly unchanged.