Eastern Europe becomes the leader in cryptocurrency crimes

CONTENT

  • Hydra Marketplace is still the leading marketplace on the darknet

  • The reason for such high activity may lie in the high technical education of young people

  • Meanwhile, a whole wave of false minions with redemption in bitcoin is under way across Russia.

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The main driver of activity on the darknet is still the domestic platform Hydra Marketplace

Eastern Europe is the leader in activity on the darknet thanks to cryptocurrencies. This is the conclusion reached by the experts of the analytical service Chainalysis.

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According to the report “Eastern Europe: Distribution, Darknet Market and Ransomware Activity,” Eastern Europe has remained 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).

Source: oxt.me

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 online ransomware programs come from Eastern Europe.

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Chainalysis suggests that such leadership may be associated with a high level of technical education in the CIS market:

“We cannot say for sure why this is so, but security expert Brian Krebs says that Rossi’s hacking skills are associated with a high level of technical education. Russian schoolchildren pass the state exam in computer science twice as often as American students “.

Eastern Europe becomes the leader in cryptocurrency crimes

Behind the scenes of cybersecurity

It is the high popularity of computer science education, coupled with the country’s lower economic opportunities, that may explain why Eastern Europe accounts for

the lion’s share of ransomware, the company added.

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Telephone terrorism

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 minification of strategic objects with demands for payments in bitcoin began in Russia.

At the end of August, the attackers falsified the T-Plus CHP in the city of Ivanovo, demanding payment in cryptocurrency. It is noteworthy that in December 2019, similar cases were recorded in Russia, using exactly 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.

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Eastern Europe has become a leader in cryptocurrency crimes
Eastern Europe has become a leader in cryptocurrency crimes
Eastern Europe has become a leader in cryptocurrency crimes