Flashpoint and Chainalysis Investigate Cryptocurrency Cybercrime on Russian Dark Market “Hydra”

Since Hydra’s launch in 2016, cryptocurrency activity conducted through the illicit marketplace has skyrocketed: growing from $9.4 million in 2016 to $1.37 billion in 2020.

When profits from illicit sales leave Hydra seller accounts, the money trails go dark. Sellers use veiled, in-region financial operators to convert their withdrawals into Russian fiat currencies and obfuscate further steps in the financial chain.

Download the research to learn:

  1. How Hydra grew to prominence in just five years’ time.

  2. Why cybercriminal cryptocurrency trails on Hydra ultimately lead to Russia.

  3. Why the physical burial of cash “Hidden Treasure” tactic is emerging.