Blockchain intelligence firm Global Ledger found Russian darknet markets processed about $1.9 billion in Bitcoin between January and September 2025. Funds from five marketplaces — Mega, Kraken, BlackSprut, Omg!Omg! and Nova — were traced into at least 20 centralized exchanges holding 130+ international licenses. Criminal networks used OTC brokers and P2P intermediaries to evade AML/KYC checks. Kraken was identified as facilitating the largest volume (~$1.3 billion). Global Ledger declined to publicly name the implicated exchanges while compliance reviews continue.

Report provides concrete forensic totals ($1.9B BTC Jan–Sep 2025) and identifies flow paths into 20+ licensed exchanges, names five darknet marketplaces and quantifies Kraken as facilitating ~$1.3B; it also documents use of OTC and P2P methods to evade AML/KYC and notes compliance reviews are ongoing.