Eastern Europe’s sixth-largest crypto service is a darknet market

A new report from Chainalysis has found that Eastern Europe is responsible for more darknet activity and ransomware volume than any other region.

Blockchain forensics firm Chainalysis has found that darknet markets exert a disproportionate presence in Eastern Europe’s crypto sector.

In an excerpt from Chainalysis’ 2020 Geography of Cryptocurrency Report, the firm asserts that Eastern Europe is responsible for “more global darknet market activity than any other region,” with the anonymous free market Hydra comprising the region’s sixth-largest crypto service.

Regional shares of global darknet market transfer volume

Regional shares of global darknet market transfer volume: Chainalysis

The report estimates that Hydra generated more than $1.2 billion in crypto revenue between June 2019 and July 2020. The platform is among the world’s largest darknet marketplaces despite solely servicing the Eastern Europe.

Chainalysis estimates that 1.4% of Eastern Europe’s $41 billion 12-month crypto volume is sent to illicit entities. In percentage terms that’s slightly behind Latin America — where 1.6% of total transfer volume is destined for illegal platforms — however the total volume in Latin America is substantially smaller..

Eastern Europe is also home to “the highest-earning ransomware network administrators and ransomware-as-a-service operators,” with the region receiving 23% of global transfers destined for ransomware addresses.

Despite the region’s high levels of crypto-powered cyber crime, the report notes that Eastern Europe has seen significant adoption of crypto assets for legitimate purposes as well, with Ukraine and Russia ranking as the top two countries in the Chainalysis’ Global Crypto Adoption Index. 

Approximately 85% of Earstern European crypto transfers are described as “professional-sized” transactions worth more than $10,000, with Chainalysis noting the emerging presence of crypto fund managers in the region.

Source: Cointelegraph.com

let us know if you have other interesting news about this topic or other interesting crypto news. Take a look at our useful collection of bitcoin videos and learn more about Bitcoin and Blockchain. Investing in Crypto can be very profitable but always make sure you’re keeping your coins safe and keep being informed reading our latest news about cryptocurrencies.

You’re invited to share your opinion about this news “

Eastern Europe’s sixth-largest crypto service is a darknet market

” by adding your comment bellow. Let’s keep this discussion civilized with a non-offensive language.

Tags: crypto newscryptocurrency news

Avatar

Passionate about Crypto-Currencies and Bitcoin enthusiast. Oliver is an Editor on Crypto Cool News.

Add Your Comment