German authorities raided and shut the servers of “the world’s largest illegal Darknet marketplace Hydra” and confiscated 543 BTC worth over $25 million.
German police have busted the world’s largest illegal Darknet marketplace, Hydra Market, and seized over $25 million worth of Bitcoin in the shutdown. According to a federal police statement, Frankfurt’s Central Office for Combating Cybercrime (ZIT) and the Federal Criminal Police Office (BKA) conducted a joint operation against the Russian Darknet Marketplace. The statement said that the German law enforcement agents:
“Secured the server infrastructure of the world’s largest illegal Darknet marketplace Hydra Market and thus closed it.”
80 percent of dark-web crypto transactions
As per a US Department of Justice report, the German Federal Police also collaborated with US law enforcement to seize the Hydra Market, billed as the world’s largest and longest-serving dark web marketplace. It had roughly 17 million user accounts and 19,000 sellers. It reportedly accounted for about 80 percent of all dark web-linked cryptocurrency transactions and had taken about $5.2 billion in crypto since 2015. Attorney General Merrick B. Garland stated:
“Together with our German law enforcement partners, we have seized the infrastructure of the world’s largest Darknet market, but our work is far from over. We will continue to work alongside our international and interagency partners to disrupt and dismantle Darknet markets and to hold those who commit their crimes on the dark web accountable for their acts.”
Hydra mainly served Russian language countries
Hydra mainly served people in Russian-language countries hoping to buy or deal in contraband, including drugs, hacking services, and stolen data. The market serves customers in Russia, Ukraine, Kazakhstan, Belarus, Azerbaijan, Armenia, Kyrgyzstan, Uzbekistan, Tajikistan, and Moldova. The platform has built a Bitcoin Mixer throughout the years, a service that obstructs digital transactions and makes investigations highly difficult.
Critics of Bitcoin and other cryptocurrencies have long contended that their widespread use would empower hackers and other criminals. Purported anonymity, ease of cross-border transport, lack of government control, and settlement finality are all features of cryptocurrencies that may appeal to those who wish to skirt the law.
This wasn’t the first time authorities have shuttered major dark web markets. They shut down previous record-setters like AlphaBay, Silk Road, and DarkMarket. Whereas the seizure may not prevent other dark webshops from taking Hydra’s place, it could disrupt operations for a while and might serve as a reminder that even the larger digital black markets can fold with little warning.
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.
