CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Eastern Europe sends more crypto to the dark web than anywhere else

By Aaron Woolner

01:46, 13 September 2021

 A rusty old lock from a Siberian gulag
A rusty old lock from a Siberian gulag - Photo: Shutterstock

Eastern Europe sends the most crypto to the dark web and is also the largest sender of web traffic to scam sites, research shows. 

Dark net markets set a new revenue in 2020 at $1.7bn worth of cryptocurrency, according to a report by crypto research firm Chainalysis.

Chainalysis said Eastern Europe took the largest share of the trade in digital cash to the dark web which is facilitated by Hydra Market, the world’s biggest darknet market, and one which only serves Russian speakers in Eastern Europe. 

Scam websites

According to the note, Eastern Europe sends the most web traffic to scam websites in the 12 months up to July 2021 “by a wide margin”.

“Drilling down to the country level, we see that Ukraine accounted for most of this activity, and sends more web traffic to scam websites than any other country, more than doubling the total web visits of the second-ranked country,” the note added. 

Natural Gas

2.20 Price
+3.970% 1D Chg, %
Long position overnight fee -0.4480%
Short position overnight fee 0.4261%
Overnight fee time 21:00 (UTC)
Spread 0.006

Oil - Crude

75.51 Price
+1.430% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee -0.0049%
Overnight fee time 21:00 (UTC)
Spread 0.04

BTC/USD

28,527.90 Price
+1.390% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00

Gold

1,979.92 Price
-0.070% 1D Chg, %
Long position overnight fee -0.0180%
Short position overnight fee 0.0098%
Overnight fee time 21:00 (UTC)
Spread 0.30

One such scheme was Finiko;  a Russia-based Ponzi scheme that fell apart in July 2021, with users unable to withdraw funds.

Investors promised 30% monthly returns

Ilgiz Shakirov, vice president of the firm was recently arrested in Kazan, capital of Russia’s Tatarstan region.

Chainalysis, Finiko received over $1.5bn worth of bitcoin between December 2019 and August 2021, with investors promised returns of 30% a month in investments in ethereum and tether. 

Read more: El Salvador loses millions of dollars on cryptocurrency rollout

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Latest Cryptocurrency news

Still looking for a broker you can trust?

Join the 500.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading