"Dark Web Market Revenues Sink 50% in 2022"

According to researchers at Chainalysis, revenues generated by underground marketplaces experienced a double-digit decline in 2022, thanks to the closure of the popular Hydra Market in April.  The researchers stated that dark web revenues fell from $3.1bn in 2021 to just $1.5bn last year, while average daily revenue for all markets dropped from $4.2m just prior to Hydra’s closure to only $447,000 immediately after.  The researchers noted that although the collective revenues of drugs markets didn’t recover fully, they slowly crawled back up to reach previous levels thanks to the success of Mega Darknet Market, Blacksprut Market, and OMG!OMG! Market in the wake of the Hydra takedown.  The researchers stated that criminals migrated to these primarily drug markets in an ever greater number after they also began offering money laundering services, as Hydra did.  Some, like OMG, also offer hacking utilities and stolen banking information.  The researchers said OMG has several overlaps with Hydra that may suggest its admins are involved in the project.  These include the same “dead drop” exchange options for vendors and buyers and shared cryptocurrency deposit addresses.

Infosecurity reports: "Dark Web Market Revenues Sink 50% in 2022"