Eastern Europe is the leader in activity on the darknet thanks to cryptocurrencies. This is the conclusion reached by the specialists of the analytical service Chainalysis.
Join our telegram channel to keep abreast of the main trends in the crypto market.
According to the report “Eastern Europe: Distribution, Darknet Market and Ransomware Activity,” Eastern Europe has been the leader in cryptocurrency crimes over the past year. At the same time, the overwhelming majority of transactions on the darknet market still occur on the Hydra Marketplace.
Boom in technical education
According to blockchain observer OXT, the total bitcoin turnover on Hydra Marketplace is 355,787 BTC ($3.7 billion at current exchange rates). The site is the leader in terms of the number of incoming transactions, but far from the largest in the history of the shadow Internet. Closed in 2013, the Silk Road marketplace, for example, has a total bitcoin turnover of 5,874,694 BTC ($62.6 billion at the current exchange rate).
Chainalysis reports that no other region is comparable to Eastern Europe in terms of darknet revenue or transaction complexity.
This region also accounts for over 23% of funds received from ransomware addresses. This means that the most profitable network ransomware programs are from Eastern Europe.
Learn how to trade in the cryptocurrency market with BeInCrypto partner – cryptocurrency exchange StormGain
It is the high popularity of computer science education, combined with the country’s lower economic opportunities, that may explain why Eastern Europe accounts for the lion’s share of ransomware, the company added.
Over the past few months, the Russian market has indeed grown several times in terms of digital fraudulent transactions. Earlier, for example, the editorial staff of BeInCrypto reported that a wave of false ministry of strategic objects with demands for payments in bitcoin began in Russia.
At the end of August, the attackers falsified the T-Plus thermal power plant in Ivanovo with a demand for payment in cryptocurrency. It is noteworthy that in December 2019, similar cases were recorded in Russia, using Bitcoin as a ransom.
The notoriety of cryptocurrencies in the domestic market has led to the fact that Russian lawmakers cannot come to a consensus on market regulation. The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB) has already warned that overregulation could lead to the country’s self-isolation “from the rest of the world” and a rollback of technological development to the level of Afghanistan.