Russian Darknet Market Hydra Records 624% Growth in Three Years, Accounts for 75% Of Illegal Transactions
Flashpoint threat intelligence and Chainanalysis blockchain forensics firms reported that the Russian dark web marketplace Hydra witnessed a 624% growth between 2018 to 2020. This record growth has led to the illegal darknet market processing about $1.37 billion worth of cryptocurrencies in 2020.
The high annual transaction volumes made the marketplace a key player in 2020 up from $9.4 million in 2016. Consequently, Hydra accounts for more than three-quarters of darknet market revenues globally.
Consequently, Hydra has emerged as a hotspot for illegal crypto transactions in Eastern Europe, where cryptocurrency adoption is high.
The marketplace has attracted high-profile cybercriminals, including the DarkSide gang responsible for the Colonial Pipeline ransomware attack. The threat actors sent $17.5 million or 4% of their earnings to Hydra for cashout, according to The Hacker News.
Although the number of darknet purchases fell during the pandemic, total revenues rose by 23% to $1.75 billion in 2020. Hydra made a $1.37 billion profit during the pandemic in 2020, up from 9.4 million in 2016.
