Flashpoint and Chainalysis joint report indicates the Russian dark zone Hydra is exploding

Flashpoint and blockchain analytics firm Chainalysis, a leader in risk intelligence, jointly published a report on Russia's dark web market, Hydra. The report shows that the site that accepts cryptocurrency payments is booming. The Flashpoint / Chainalysis report was published today. He points out that the volume of cryptocurrency transactions is increasing. In fact, the annual transaction volume increased from $ 9.40 million in 2016 to $ 1.37 billion at the end of 2020. The report explains that Hydra was once known for its crowded narcotics market. But today, Hydra has used its tentacles to include the sale of stolen credit and SIM cards. Fake documents and IDs are another illegal and growing area. Regarding this growth, the report said: “Hydra's growth is further strengthened by its ability – or luck – to function without being affected by competitive attacks or law enforcement control; The only notable outage occurred briefly at the onset of the global COVID-19 pandemic at the end of March 2020. “Hydra's Darkweb Market appears to be a highly targeted site for Russian speakers and especially the northeast of the world. According to the report, Hydra executives are also very demanding from vendors and imposing restrictions that force most sellers to trade through Russian exchanges and service providers. The sales process is strictly verified by Hydra executives. Sellers withdraw funds from the site until 50 sales have been completed and the electronic wallet balance must always be maintained at least $ 10,000. Another condition is that the income must be converted to Russian fiat currency and this must be done through one of several exchanges and services Providers were established, mostly located in Russia and a few pro-Russian countries in Eastern Europe.

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    InterTrader 0.6pips (fixed) margin: 3.33%
  • Back to top