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Russian Darknet Market Hydra Records 624% Growth in Three Years, Accounts for 75% Of Illegal Transactions
Monday, June 7, 2021
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.
Ilia Kolochenko, Founder, CEO, and Chief Architect of ImmuniWeb, says that cybercriminals became more prudent after authorities shut down several darknet marketplaces. He added that the publicly accessible darknet marketplaces were just the tip of the iceberg.
“Professional cyber mercenaries do not advertise their services, silently selling stolen data to trusted customers from organized crime or governments,” Kolochenko said. “They lawfully rent AWS or similar infrastructure to host their communication centers, fully encrypted and protected, and totally inconspicuous from the outside.
He noted that their activities are usually “untraceable and uninvestigable” and highly accessible platforms were made for novices. “The mercenaries have access to banking institutions, lawyers, and offshore companies to silently cash out their loot in any currency and in any form, including gold and real estate. While public forums in Russian, that offer conversion of payments into gift cards or cash in rubles, are mainly oriented for beginners.” He added that the lack of cooperation between international law enforcement authorities and the lack of extradition treaties prevent the successful prosecution of cross-border cybercriminals. Read Full Article
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