The sellers of the darknet marketplace Hydra cash out cryptocurrency through “hoards” – they bury cash in a vacuum package in the ground. This was reported by the analytical company Elliptic.
The service is provided on the territory of the Russian Federation and experts believe that this allows Hydra clients to withdraw large amounts of cryptocurrency, avoiding the attention of law enforcement agencies.
“This is an interesting cash-out method that people are starting to use,” said Elliptic CEO Tom Robinson.
In one of the classified ads, the seller offers to bury cash in a vacuum package to a depth of “5-20 cm underground.” The buyer receives the exact GPS coordinates of the “treasure” and can dig it out at a convenient time. The service fee is about 7% of the amount.
“The Russian darknet markets are quite innovative,” says Patrick Shortis, an expert on cybercrime at the University of Manchester. – They do not use encryption, mixers and anonymous cryptocurrencies, as in the West. They feel more relaxed when threatened by the state, and the drop method is the most convenient for them. “
The marketplace Hydra accounted for 75% of all darknet revenue for 2020. The platform entered the top 10 platforms in terms of cryptocurrency turnover, bypassing the Kraken, OKEx and Poloniex exchanges.
We will remind, in December 2019, Hydra announced plans to create a transnational decentralized platform for the sale of prohibited goods Eternos.
It was planned to raise funds for its development through ICO, putting up for sale 49% of the tokenized share of the project.
In June 2020, the marketplace postponed the launch indefinitely due to the coronavirus pandemic.
In November 2020, a cryptocurrency exchange market opened for Hydra employees . Regular users did not get access to the new function.