Ukraine and Russia Lead in the Volume of Crypto Transactions in the Darknet
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Ukraine and Russia lead in the volume of crypto transactions in the Darknet
The total volume of crypto transactions in the darknet amounted to $ 1.7 billion in 2020. The three leaders in terms of the turnover of funds on the black market included the Russian Federation, the United States, and Ukraine.
Which countries drove darknet market activity in 2020? https://t.co/JsYZZihtUJ
— Chainalysis (@chainalysis) February 1, 2021
In the Russian Federation, the annual turnover of cryptocurrency on the darknet has exceeded $ 288 million, in the USA – $ 179 million, in Ukraine – $ 98 million.
The fourth line of the anti-rating was taken by China with an indicator of $ 87 million. The top five is closed by Vietnam – $ 56 million.
“The United States, Russia, Ukraine, and China dominate in terms of the value of both sent and received funds. We suspect that much of the volume of China and Russia received by the darknet markets is related to money laundering in those countries,” – the Chainalysis report says.
Most often, users send funds through cryptocurrency exchanges, p2p platforms, and mixing services. They use exchanges and mixers to get them.
“We see a significant increase in the popularity of mixers: their share has more than doubled – from 5% in 2019 to 13% in 2020. This reflects growing caution on the part of merchants and darknet administrators following the crackdown by law enforcement agencies,” – said analysts at Chainalysis.
Leading marketplace on the darknet
The leading position among service providers on the black market is held by the marketplace Hydra, which accounts for 75% of all revenue on the darknet.
In terms of cryptocurrency turnover, the Hydra marketplace entered the top 10 sites in Eastern Europe and even bypassed some popular exchanges like Kraken, OKEx, and Poloniex.
Chainanalysis analysts note that if we exclude Hydra, the revenue generated by darknet marketplaces from 2019 to 2020 remained approximately unchanged.
Earlier, Chainalysis announced a reduction in the share of cryptocurrency transactions associated with criminal activity to $ 10 billion in 2020. Attackers moved $ 34 million through decentralized exchanges (DEX) – 0.024% of the latter’s turnover over this period ($ 144.3 billion). In September 2020, Chainalysis experts reported that Eastern Europe is the leader in activity on the darknet markets among other regions of the world.
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