Boom Amid Bust: Russia's Kraken Soars in Darknet Crypto Trade

Global Darknet Markets Decline, But Kraken Defies the Odds

Hold onto your hats, crypto fans! While the world's darknet crypto sales took a nosedive by double digits last year, Russia's notorious darknet market Kraken is riding high with a massive surge in crypto trade, according to the blockchain sleuths at Chainalysis.

Kraken's 68% Surge: A Beacon in the Darknet Storm

In a jaw-dropping twist, global cryptocurrency sales on darknet markets plummeted by 15% in 2024. But Russia's darknet scene? It's a whole different ballgame, with Kraken skyrocketing against the trend. Chainalysis dropped this bombshell in their latest data dump.

Get this: while the total darknet market revenue tanked 15% last year thanks to relentless international law enforcement efforts, Kraken's crypto sales shot up a staggering 68%. That's right, this Russia-centric darknet powerhouse has now claimed the throne as "the leading darknet market by annual revenue" since the epic takedown of Hydra, Russia's former darknet kingpin, back in April 2022.

Meanwhile, Mega, once the go-to drug dealer for other darknet sites, saw its inflows crater by over 50% year-over-year. But Kraken? It's been on a tear, growing nearly 68% YoY and handling a mind-blowing $737 million on-chain in 2024, Chainalysis reports.

Darknet Resilience: Hundreds of Millions Still Flowing

Despite the global downturn, darknet markets are still churning through hundreds of millions in crypto every year. But here's the kicker: law enforcement crackdowns and the transparency of blockchain tech are forcing many operators to ditch Bitcoin (BTC) for good.

Why? Because Bitcoin's too easy to trace. So, what are they turning to? Monero (XMR), the privacy coin that's all about keeping things hush-hush and untraceable, Chainalysis reveals.