Cryptocurrency Market Trends on Darknet Platforms
In a recent analysis conducted by Chainalysis, it was reported that the global market for cryptocurrencies on darknet platforms experienced a significant downturn, with sales plummeting by 15% in 2024. Despite this troubling trend, one notable exception emerged from Russia: the darknet marketplace known as Kraken, which reported a remarkable 68% increase in cryptocurrency transactions during this same period.
This surge in activity on Kraken highlights a divergence from the broader shifts seen in the international darknet landscape, where ongoing law enforcement actions have led to a broader decline in illicit crypto sales.
Market Dynamics and Notable Players
Kraken has ascended to prominence as the top earning marketplace following the demise of Hydra, which was previously the largest darknet site in Russia before it was shut down in April 2022. Last year, Kraken facilitated transactions totaling an impressive $737 million in cryptocurrency, signifying a robust growth trajectory amid declining revenues elsewhere.
In contrast, Mega, a platform that once dominated as a drug supplier for vendors using various darknet services, saw a staggering decline of over 50% in its revenue compared to the previous year. This shift emphasizes the stark variance in market dynamics within the Russian darknet sector.
Law Enforcement and Cryptocurrency Use
Despite the overarching reduction in global darknet crypto sales, many platforms continue to handle substantial amounts of money utilizing cryptocurrency. However, heightened scrutiny from law enforcement and the transparent nature of Bitcoin (BTC) have prompted some operators to adapt by phasing out Bitcoin in favor of Monero (XMR).
This privacy-centric digital currency has gained favor among darknet operators due to its designed capabilities that enhance anonymity and mitigate tracking risks, as highlighted in Chainalysis’s findings.
