Darknet markets saw crypto revenues rise in 2023 despite global crackdown

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Though darknet markets are removed from 2021 ranges, their crypto income has barely rebounded since Hydra’s closure in 2022, analysts discovered.

Darknet markets proceed to indicate indicators of restoration as their crypto income noticed an increase in 2023 regardless of the sizable Hydra market shut in 2022. In response to data revealed by blockchain forensics agency Chainalysis, fraud outlets and darknet marketplaces noticed their income enhance to almost $2 billion in 2023, up almost 25% from figures for 2022.

Darknet markets saw crypto revenues rise in 2023 despite global crackdown - 1
Darknet crypto income | Supply: Chainalysis

Following the shutdown of the Hydra market, cybercriminals wasted no time in filling the void, with the emergence of two new darknet marketplaces aggressively selling their companies in Moscow, as famous by Chainalysis.

“Whereas the darknet market ecosystem confirmed indicators of restoration in 2023, it has but to return to the revenues it skilled earlier than the Hydra Market closure in 2022, given the monetary success of that operation.” Chainalysis

The information reveals that one of many newly established marketplaces recorded “over half a billion in crypto inflows” in 2023, demonstrating a rising demand for illicit companies reminiscent of cash laundering, ransomware, and malware assaults regardless of world regulation enforcement efforts.

Nevertheless, the New York-headquartered agency notes that regardless of these developments, no different darknet market has emerged as the primary platform providing a variety of illicit merchandise, saying that the ecosystem “has but to witness the emergence of a dominant participant.”

In mid-March, crypto.information reported that Roman Sterlingov, the founding father of crypto mixing service Bitcoin Fog, was discovered responsible by a federal courtroom of laundering cash linked to illicit drug gross sales on the darkish internet. The prosecution argued that Bitcoin Fog performed an important function in concealing over $400 million in transactions, with $78 million straight related to main darknet marketplaces.

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