German authorities seize 500 BTC in the shutdown of darknet marketplace Hydra'
German authorities shut down the Hydra darknet marketplace after seizing its server infrastructure and confiscating 543.3 BTC.
German authorities shut down Russian darknet market
On Tuesday, the public prosecutor's office in Frankfurt am Main and the Federal Criminal Police Office seized Hydra Market's server infrastructure and took it out of operation. They also seized 543 Bitcoins, the equivalent of about $25 million, but authorities did not arrest anyone in the operation.At the time of the shutdown, the marketplace had about 17 million registered customers and more than 19,000 seller accounts were registered on the marketplace. ZIT and the BKA estimate that the market had a turnover of more than 1.23 billion euros in 2020. They added that their "Bitcoin Bank Mixer" service for concealing digital transactions has immensely complicated investigations for law enforcement agencies.
What is Hydra?
The marketplace began operations in December 2015 and focused on trading illegal narcotics as well as counterfeit documents and digital services. After the closure of the Russian Anonymous Marketplace (RAMP) in 2017, it became the main Russian-language darknet marketplace.Hydra mainly served customers from Russia, Ukraine, Belarus, Kazakhstan, Azerbaijan, Armenia, Kyrgyzstan, Uzbekistan, Tajikistan, and Moldova, according to blockchain forensics company Ciphertrace, which had conducted an investigation into Hydra in 2021 that explained how the marketplace was able to grow so quickly and remain online. at the moment, Hydra's homepage has been replaced with a banner announcing the seizure.
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