On April 5, 2022, the OFAC sanctioned the world’s largest and most prominent darknet market, Hydra Market (Hydra), in a coordinated international effort to disrupt proliferation of malicious cybercrime services, dangerous drugs, and other illegal offerings available through the Russia-based site. The operation was a collaborative initiative joined by the DOJ, FBI, DEA, IRS Criminal Investigation, and ICE.

Hydra is the most prominent Russian darknet market and the largest darknet market left in the world. According to the Treasury’s release, the OFAC’s investigation identified approximately $8 million in ransomware proceeds that transited Hydra’s virtual currency accounts. In addition to sanctioning Hydra, OFAC is identifying over 100 virtual currency addresses associated with the entity’s operations that have been used to conduct illicit transactions.

Read the Treasury’s full press release here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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