A recent Chainalysis report revealed that Eastern Europe ranks first in other regions in terms of ransomware volume and darknet activity
Data from the blockchain forensic company showed that darknet markets have an exaggerated existence in the Eastern European crypto sector. The company’s 2020 geographic cryptocurrency report, which has not yet been fully released, contains an excerpt that states that the Eastern European region holds “more global darknet market activity than any other region.“
The anonymous free market Hydra is responsible for the sixth largest crypto service in the region. Chainalysis believes that Eastern Europe has 1.4% of its $ 41 billion cryptocurrency volume during the study period, headed for illegal and unjustified operations.
From a percentage point of view, this places the region in second place, behind Latin America, which has 1.6% of its volume directed to illegal operations. In volume, however, Eastern Europe surpasses Latin America, whose volume is much smaller.
The Chainalysis report also estimates that Hydra generated more than $ 1.2 billion in crypto revenue during the study period, that is, June 2019 and July 2020. Although the platform primarily serves the Eastern European region, it is the largest market darknet at the global level.
In addition, the region is also synonymous with “ransomware network administrators and ransomware operators as a service”With the best gains. According to the report, the Eastern European region attracts and pockets 23% of all global transfers sent to ransomware addresses. It can be argued that the region is now home to high levels of crypto-based cybercrime.
Anyway, there is not only bad news for Eastern Europe. The Chainalysis report points out that the region has seen massive adoption of crypto assets for guaranteed purposes.
Ukraine and Russia are in first and second place in Chainalysis Global Cryptocurrency Adoption Index, with a score of 1 and 0.931, respectively. Belarus, also in the region, ranks 19th with 0.241.
The blockchain analytics firm also notes that crypto fund companies are booming in the region.