German Authorities Claims To Close World’s Largest Darknet Markets As It Shuts Down Hydra Market

• Authorities in Germany have seized 543 BTC worth approximately $25 million as they closed Hydra Market. According to the police, they have shut down one of the world’s largest darknet markets.

• Hydra Market has been running since 2015 and is accessible through the Tor browser. The site was shut down and is no longer available on the internet.

• According to a blockchain forensics firm, Ciphertrace, the market was primarily used for narcotics, serving Ukraine, Belarus, Kyrgyzstan, Uzbekistan, Tajikistan, Kazakhstan, Azerbaijan, Armenia, and Moldova.

As per a federal police statement released on Tuesday, $25 million worth of Bitcoin (BTC) was confiscated by the cybercrime office of the Frankfurt prosecutor’s office and federal criminal police. The police claim that they have closed one of the world’s largest darknet markets. 

The police have found 19,000 seller accounts and 17 million customers. According to the statement, Hydra Market is likely to have the highest turnover among illegal marketplaces in the world. Federal Police also revealed that the marketplace had €1.23 billion ($1.35 billion) in revenue in 2020. 

As per the police statement, due to a built-in Bitcoin privacy mixer in the Russian-language marketplace, the transactions were further complicated. 

 Hydra Market has been conducting its operations since 2015 and could be accessed through the Tor browser. The site was shut down and is no longer available on the internet. 

Ciphertrace, a blockchain forensics firm, reveals that primarily the market was used for narcotics, fostering Ukraine, Belarus, Kyrgyzstan, Uzbekistan, Tajikistan, Kazakhstan, Azerbaijan, Armenia, and Moldova. 

Further, the police said the investigation began in August 2021 and also included U.S authorities.

Earlier, such an event have happened in November 2021. International police, including Europol and the FBI-led Joint Criminal Opioid and Darknet Enforcement (JCODE), seized $4.9 million in crypto assets as they arrested a group of 150 alleged darknet drug traffickers. 

The operation was named “Operation Dark HunTor.” The police busted the criminals who were involved in the sale of tens of thousands of illicit goods and services across various regions, including Germany, Italy, the Netherlands, Switzerland, Australia, Bulgaria, France, the U.K., and the U.S.

€3.6 million (US$4.17 million) in cryptocurrencies were seized by the U.S.-Italian operations, while police confiscated approximately $1 million in drug proceeds, of which $700,000 were in cryptocurrency.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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