Hydra Demands Converting Crypto Assets to Rubles to Withdraw Them
Hydra, the biggest darknet marketplace, demands converting cryptocurrencies to rubles before the withdrawal. This was concluded from the study conducted by the experts from Chainalysis and Flashpoint. It started as a service to sell drugs but later expanded its activity to the other types of illegal sales as well. However, some exchanges use it for their legal activity.
Mostly the market of Hydra consists of the ex-Soviet countries, Russia in particular. They had plans on entering the global market and were even going to hold an ICO but put it on pause for some reasons. The marketplace is becoming more popular each year. Their transaction volume grew from $9.3 millions to $1.37 billions in four years, beginning from 2016.
Hydra conducts most of their transactions through the exchanges classified by Chainalysis as risky. They have zero transparency and don’t require KYC. To withdraw the funds, their users need to perform 50 transactions on Hydra and have more than $10,000 on their wallets. The approved accounts are available to purchase. All these precautions make the resistance to illegal financial operations very difficult.