Chainalysis: Eastern Europe leads darknet-market activity

Eastern Europe leads darknet-market activity among regions worldwide. This is evidenced by a study from analytics firm Chainalysis.

The latest preview of our Geography of Cryptocurrency Report covers Eastern Europe! Grassroots adoption is strong in the region, but we also see disproportionately high ransomware and darknet market activity. Read to learn more! https://t.co/s4NJRnwBkX

— Chainalysis (@chainalysis) September 14, 2020

According to data Chainalysis, residents of Russia and Ukraine are among the most active cryptocurrency users in the world.

Analysts place Eastern Europe second after Latin America in the volume of cryptocurrency transactions sent to criminal organisations — 1.4% of the total over 12 months.

In Latin America this figure stands at 1.6%, though the aggregate amount sent is lower.

Eastern Europe accounts for more darknet-market activity than any other region.

The bulk of darknet-market cryptocurrency transactions in Eastern Europe go to Hydra, one of the largest by the volume of funds sent in the region.

Chainalysis emphasised that in no other region does a darknet-marketplace rank among the top ten by this metric.

According to analysts, since June 2019 through July 2020 Hydra’s revenue from cryptocurrency surpassed $1.2 billion.

Eastern Europe accounts for more than 23% of funds sent as ransoms to ransomware programs. This is the highest share among regions.

According to data Chainalysis, residents of Russia and Ukraine are among the most active cryptocurrency users in the world.

One of the reasons for Ukraine and Russia’s leadership in the Chainalysis index, according to specialists, is the low level of public trust in traditional institutions, including government and banks.

Earlier, The Block said, that Bitcoin remains the most popular cryptocurrency on the darknet.

Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news stream, ForkLog — the most important news and polls.