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Flashpoint and Chainalysis Investigate Hydra: Where Cryptocurrency Cybercrime Goes Dark
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