dogwifhat (wif) 
Darknet markets have seen a slight rebound in their crypto revenue following the closure of Hydra in 2022. According to data from Chainalysis, fraud shops and darknet marketplaces generated nearly $2 billion in revenue in 2023, marking a 25% increase from the previous year.
After the shutdown of Hydra, two new darknet marketplaces emerged in Moscow, aggressively promoting their services to fill the void left by the closure. While the ecosystem has shown signs of recovery, it has not yet reached the revenue levels seen before the demise of Hydra.
The data also shows that one of the newly established marketplaces received over half a billion in crypto inflows in 2023, indicating a growing demand for illicit services like money laundering, ransomware, and malware attacks despite global law enforcement efforts.
Despite these developments, Chainalysis points out that no dominant player has emerged in the darknet market ecosystem, with no platform offering a wide range of illicit products. The founder of Bitcoin Fog, a crypto mixing service, was recently found guilty of laundering money linked to illicit drug sales on the dark web.
While the darknet market landscape continues to evolve, it remains a lucrative space for cybercriminals to operate, highlighting the need for enhanced cybersecurity measures and law enforcement efforts to combat illicit activities in the digital realm.
