Hydra market founder faces life in prison for darknet activities

Stanislav Moiseev, the founder of Hydra, a notorious darknet market and crypto mixing service, has been sentenced to life in prison by a Russian court.

Moiseev and 15 accomplices were found guilty of operating a criminal network involved in the illegal production and sale of psychotropic substances and drugs.

The Moscow Regional Court delivered the sentences, with Moiseev facing life imprisonment and his accomplices receiving terms ranging from 8 to 23 years.

Moiseev was also fined 4 million rubles ($38,100), while his 15 accomplices were ordered to pay a combined 16 million rubles ($152,400).

In addition to the prison sentences and fines, properties and vehicles connected to the individuals were seised.

They will serve their sentences in correctional colonies under strict regimes, according to reports from Russian state-owned media TASS.

Hydra, launched in 2015, was the world's largest darknet marketplace and was responsible for processing over $5 billion in cryptocurrency transactions before being shut down in 2022.

The marketplace was notorious for selling stolen credit card information, counterfeit currencies, and fake identity documents.

According to the U.S. Justice Department, Hydra accounted for 80% of all darknet-related crypto transactions in 2021.

Authorities in Germany, where Hydra's servers were based, shut down the platform in April 2022.

They also seised nearly a ton of narcotic drugs and psychotropic substances in the process.

Hydra had been under investigation by Russia's Ministry of Internal Affairs since 2016.

The sentences of Moiseev and his accomplices are subject to appeals.

Reports indicate that darknet marketplaces generated at least $1.7 billion in revenue in 2023, even after Hydra's shutdown.