Russian Dark Web Markets Laundered $2 Billion via Crypto Exchanges

A recently released report highlighted a widespread money laundering scheme using criminal gangs and hacking groups, which seems to be advancing in complexity every year and increasingly using cryptocurrency.

According to the report, various Russian-language dark web marketplaces have been moving vastly high volumes of money using Western crypto exchanges. They have moved nearly $2 billion between January and September 2025.

The $2 Billion Pipeline

Blockchain analytics firm Global Ledger did the digging. They found that Russian-language dark marketplaces are super busy.

These are the online black markets where illegal goods are sold. In just nine months, they funneled nearly $2 billion. They laundered the money through Western cryptocurrency exchanges.

Ilya Shumanov, an expert in fighting corruption, highlighted these findings in the report. The Insider news published it on November 9. It paints a picture of a well-oiled financial machine.

Five platforms were the biggest players. They are MEGA, BlackSprut, Kraken, OMG!OMG!, and Nova. But one name really stands out from the rest.

Kraken exchange was responsible for moving a massive $1.3 billion all by itself. That’s more than half of the total amount. The funds didn’t just go to one place.

They moved through at least 20 different licensed exchanges. These platforms hold over 130 international permits to operate. This makes them seem legitimate and helps the criminals fly under the radar.

The most alarming part is the growth. These transactions are increasing by 20 to 25 percent every single year. This is not a small problem that’s going away.

How Does the Money Disappear?

So how do these people get away with it? They don’t just send the money directly. That would be too easy to trace.

According to The Insider, these networks use clever tricks. They need to conceal the origin of all those funds. The primary tool being used is over-the-counter (OTC) transactions. Brokers act as a go-between for buyers and sellers. They help make large trades without much public attention. The networks also rely heavily on peer-to-peer (P2P) transfers.

This method allows users to trade crypto directly with each other. It cuts out the traditional exchange system that has more rules. Finally, they use mixing services, also called tumblers. These services take crypto from many users and mix it all together. Then they send it back to the new addresses. This completely obscures the path back to the original source.

It’s like taking a bag of cash from a bank robbery. You then swap it with a bunch of other people’s money. By the end, it’s nearly impossible to tell which dollar bill came from where.

This entire scheme shows a major challenge for regulators. Criminal groups are expertly using the very system designed for innovation. They are turning it into a weapon for hiding their profits.

A Tool for Sabotage and Spies

These bad actors aren’t using crypto only to wash their dirty money. They have also turned it into a tool for sabotage and spying, too.

A Polish security chief recently came out and said Russia actually uses cryptocurrency to bankroll sabotage all over the EU paying for spy networks, slipping money to agents, etc. Crypto makes it a lot harder for intelligence agencies to track down where the cash is going.

This case is part of a broader trend of dark web networks as they keep using cryptocurrency (mostly anonymous cryptocurrencies such as Monero) to operate with impunity. This was starkly illustrated in a recent global sting that dismantled a massive dark web network dedicated to sharing child exploitation material. That pretty much shows how these hidden platforms facilitate a range of horrors beyond financial crime.

Poland’s not just sitting back –they’ve already passed new laws to shut down any loopholes that let foreign powers funnel crypto to their agents.