Over the past year, global DarkNet Crypto sales have fallen double digits, but Russia’s Darknet Market Kraken has still seen a big jump in crypto trading, says Chain Analysis.
According to new data from blockchain forensics company Chain Orisis, the Russian darknet market scene saw a 15% drop in global cryptocurrency sales in the darknet market in 2024, but one platform is telling another story against the trend.
In a blog post, Chain Melt revealed that, due to years of international law enforcement efforts, the total revenues of the darknet market fell by 15% in 2024, while crypto sales in the darknet market focused on Russia increased by 68%. Known as Kraken, the platform has become “the major dark net market by annual revenue” since the closing of Hydra, Russia’s largest dark net market in April 2022.
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Top Dark Net Marketplace by Revenue | Source: Chain Analysis
Mega, a leading drug supplier for other darknet sites vendors, saw its inflow drop by more than 50% year-on-year, but Kraken rose nearly 68% year-on-chain in 2024, Chainissis said.
Despite the global recession, Chainalysis noted that the Darknet market still processes hundreds of millions of dollars in cryptocurrencies every year. However, law enforcement crackdowns and blockchain transparency have led many operators to move away from Bitcoin (BTC) due to their inherent transparency.
Since then, many operators have “moved to accept only Monero” (XMR). There are privacy coins with features designed to increase anonymity and reduce traceability, Chain Analysis says.
read more: The Russian darknet market is still dominant, driving 97% of Bitcoin and Tron drug sales
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