Russia-linked darknet markets thrive despite Western sanctions, report reveals.
Russian marketplaces on the dark web have continued to operate despite Western sanctions and efforts to shut them down, according to a report accessing the illicit blockchain space amid the world’s “first crypto war.” Ransomware actors and high-risk crypto exchanges have also remained active.Before Russia invaded Ukraine a year ago, cryptocurrency exchanges linked to the two countries accounted for over half of the international volumes of illicit crypto funds.
When the war broke out, Western governments and law enforcement agencies went after Russia-linked DNMs, ransomware syndicates and crypto exchanges exposing users to increased risks. However, these have continued to thrive even after the unprecedented actions against them, the researchers were able to establish.the servers of the largest darknet market, Hydra, while the U.S.
Despite the crackdown, Garantex not only continues to operate but has more than doubled its trading volumes over the course of 2022, TRM Labs revealed. Meanwhile, newly foundedhave quickly filled the gap left by the dismantling of Hydra. Sales on these platforms between May and Dec. 2022, surpassed those in the first four months of the year.
At the same time, while Conti officially shut down in May, it has actually rebranded and is still operating through several smaller groups. Although, a study published by Chainalysis in January of this year
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