Darknet MarketEstablishedCommissionTotal ListingsBusiness VolumeLink
TorZon20190.15% – 0.25%100+$10 million+Onion Link
Nexus20230.10% – 0.20%110+$20 million+Onion Link
Vortex Shop20240.05% – 0.15%300+$5 million+Onion Link
Flugs20160.00% – 0.10%400+$40 million+Onion Link
We are north20230.05% – 0.10% 150+ $12 million+ Onion Link
Abacus Market20220.05% – 0.15%100+$20 million+Onion Link
Sipulitie Market20230.10% – 0.20%200+$15 million+Onion Link
Elysium20240.10% – 0.20%50+$5 million+Onion Link

Current State of Darkweb Markets

Darkweb markets continue to thrive, albeit with fluctuations driven by law enforcement actions, technological advancements, and shifts in user preferences. As of 2023, the total value received by illicit addresses linked to darknet markets saw a notable increase, contrasting the general decline in other forms of crypto crime.

Key Statistics from 2023:

  • Total illicit cryptocurrency received: $24.2 billion
  • Share of total on-chain transaction volume: 0.34%
  • Darknet market revenue increase: Rebounding towards 2021 highs after a dip in 2022​​.

Growth Drivers in 2024

Several factors contribute to the resurgence and growth of darknet markets in 2024:

  1. Decentralized Platforms: The shift towards more decentralized platforms has made it harder for law enforcement to shut down operations.
  2. Stablecoin Utilization: Increased use of stablecoins for transactions, providing price stability and reducing volatility.
  3. Technological Advancements: Enhanced security measures and the use of privacy coins like Monero have bolstered user confidence.

How big was crypto crime in 2023? 

$24.2 B received by illicit addresses 0.34% of total on-chain transaction volume Estimates of illicit transaction activity DO include: 

✓ Funds sent to addresses we’ve identified as illicit 

✓ Funds stolen in crypto hacks 

Estimates of illicit transaction activity DO NOT include:

 x Funds sent to addresses we have not yet identified as illicit. Why? Because we don’t know that they’re illicit yet. But we update our numbers on a rolling basis as we make more identifications. 

x Funds derived from non-crypto native crime, except for cases brought to our attention by customers. Why? Because these transactions are impossible to identify as illicit without more information. 

x Funds associated with crypto platforms accused of fraud, absent convictions in court. Why? Because only a judge and jury can make that determination. 

x Transaction volume associated with potential market manipulation. Why? Because our research heuristics are designed to catch suspected instances of market manipulation based on on-chain behavior, but aren’t definitive. x Funds associated with crypto money laundering. Why? Because our goal here is to calculate total revenue from illicit activity, based on inflows to illicit addresses. We share the total value laundered on-chain in the report’s money laundering section, calculated based on the value sent from illicit addresses to off-ramping services. Including money laundering totals here based on outflows would effectively be double counting, and artificially inflate our estimates of on-chain criminal activity. 

Detailed Analysis of Darkweb Market Activity

Metric20232024 (Projected)2025 (Predicted)
Total Illicit Cryptocurrency Received$24.2 billion$28 billion$31 billion
Share of Total On-Chain Volume0.34%0.37%0.40%
Major Cryptocurrencies UsedBTC, ETH, MoneroBTC, ETH, MoneroBTC, ETH, Monero
Stablecoin TransactionsIncreasingHighHigher
Number of Active Markets404550

Key Metrics and Projections for Darkweb Markets

  • Revenue Growth: Darknet market revenue increased from $24.2 billion in 2023 to an expected $28 billion in 2024, driven by the stability provided by stablecoins and improved market security.
  • User Base: The number of active users on darknet markets has seen a steady increase, reflecting a growing demand for anonymity and privacy in transactions.
  • Bitcoin (BTC): Remains the dominant cryptocurrency due to its liquidity and widespread acceptance.
  • Stablecoins: Have gained significant traction, especially in jurisdictions where fiat currency access is restricted.

Crime Categories and Asset Use:

  • Ransomware: Predominantly uses BTC for ransom payments.
  • Scams and Sanctions: Shifted to stablecoins like USDT due to their stability​​.

Predictions for 2025

Looking forward to 2025, several predictions can be made based on current trends and technological developments:

  1. Increased Market Fragmentation: With ongoing crackdowns on major markets, smaller, more specialized markets will emerge, offering niche products and services.
  2. Enhanced Security Measures: Adoption of advanced encryption and decentralized hosting solutions will increase, making markets more resilient to shutdowns.
  3. Greater Regulatory Scrutiny: Governments worldwide will intensify their efforts to regulate and monitor cryptocurrency transactions, leading to more sophisticated measures to circumvent these controls.

Predicted Challenges:

  • Law Enforcement: Increasingly sophisticated efforts by global law enforcement agencies will pose a significant threat to darknet market operations.
  • Technological Risks: While technological advancements can bolster security, they also introduce new vulnerabilities that can be exploited by both law enforcement and rival cybercriminals.
  • Privacy Coins: The use of privacy-focused cryptocurrencies like Monero is expected to grow, offering users greater anonymity.
  • AI and Machine Learning: Enhanced AI tools will be used both for market operations and law enforcement, leading to an ongoing cat-and-mouse game.
  • Global Economic Factors: Economic instability in various regions could drive more users to seek out darknet markets for both legitimate and illegitimate purposes.

Conclusion

The landscape of darkweb markets is dynamic, influenced by technological, economic, and regulatory factors. As we move through 2024 and into 2025, these markets are expected to grow in both complexity and scope. Stakeholders, from law enforcement to market operators, will need to continuously adapt to the evolving environment.

For a deeper dive into the specific trends and data points discussed, the 2024 Crypto Crime Report provides extensive analysis and insights​​. The future of darknet markets is uncertain, but understanding the current landscape and emerging trends is crucial for anyone involved in or combating these underground economies.