A blockchain security firm has revealed that Russian-language darknet marketplaces were the leading platforms for crypto-related drug transactions in 2024.
The analysis indicated that these platforms accounted for over 97% of drug-associated cryptocurrency activity on the Bitcoin and TRON networks. This equates to approximately $1.65 billion out of the estimated $1.7 billion linked to the drug trade across both blockchain systems last year.
[Editor’s Note: The estimated total value of the global illegal drug trade is over $600 billion, indicating that the cryptocurrency segment is merely a small component of the broader criminal landscape.]
Factors Behind the Success of Russian Darknets
The firm detailed that multiple elements have contributed to the ongoing prevalence of Russian darknet marketplaces. This includes a reduced risk of enforcement actions, the comparatively low costs of importing chemical precursors from China, and an increasing appetite for synthetic drugs.
Furthermore, of the nearly 20 identified active marketplaces, only four paused their operations during the year, with Solaris being the most notable closure.
Interestingly, operators in this domain have developed an unexpected code of conduct. Instead of executing exit scams, which are common in Western illicit markets, Russian darknet administrators usually permit users to withdraw their funds prior to shutting down.
This approach has fostered a sense of trust within their communities, contrasting with their Western counterparts who have faced numerous takedowns and fraudulent closures that have eroded user faith.
Vendors Transitioning to Encrypted Channels
As Russian marketplaces flourished, the larger illicit drug trade experienced a considerable evolution in 2024.
Vendors increasingly shifted away from centralized darknet markets, opting instead for encrypted messaging platforms such as Telegram, Signal, and secure emailing systems.
This trend, which originated mainly in Western areas, is now gaining momentum within Russian-speaking networks.
This transition is reportedly an attempt to cater to less tech-savvy buyers, lower vendor fees, and evade interruptions caused by market closures or law enforcement actions.
In order to sustain their reach and operational consistency, many vendors now operate across various platforms, including clearnet websites and social media.
As a result, this firm noted a rise in cryptocurrency usage linked to these decentralized vendor shops. In 2023, such addresses recorded $289 million, a figure that more than doubled in 2024, surpassing $600 million.
