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Vladimir Putin: The Russian leader may be in control of the world's largest black market

By Noir July 6, 2021, 4:12 p.m.

Russia has always been in the spotlight for providing grounds to illegal activities within its borders. Now with Putin at the country's top leadership, the situation is beyond control. And the Russian leader may be in control of the world's largest black market.

Illegal trade in Russia

Russia, the former world superpower is known to be home to some of the smartest brains in the world. Equally, Russia has been in the spotlight for entertaining illegal activities of trade within its borders. According to financial reports, illegal trade contributes to more than 20% of the Country's GDP. So what does this indicate? It shows how dominant the black market is in Russia.

Russia's black market mostly deals in machineries, weapons and fake academic documents. Profits from dealings in hi-tech machineries alone are estimated to be $49.09 billion. This is why such activities are prevalent in the country such that they are being referred to as Russia's second economy. So apart from Mexico, China and the United States, Russia is the next major world contributor of illegal trade.

Germany's major banks report hacking attack

A few days ago, some of Germany's biggest banks reported a major hacking attack from Russia. The incident has been linked to Russian state hackers who are part of the "Fancy Lazarus groups". It will however be difficult to directly prove that Russian hackers were involved. Why? Because Fancy Lazarus could as well be linked to China, North Korea, or no country at all.

Equally important, Fancy Lazarus got its name from a combination of the Russia-linked Fancy Bear and Lazarus Group from North Korea. In June, Fancy Lazarus reportedly launched a set of attacks on different companies in the US. The gang was sending threatening specific emails to various companies and even state corporations. According to Proof point, the hackers were asking for a two-Bitcoin starting ransom. Purposefully, to avoid a crippling DDoS attack.

Why the Russian leader may be in control of the world's largest black market

During a recent summit, U.S president Joe Biden tried to draw "red lines" for his Russian counterpart, Vladimir Putin. Even though he couldn't directly tell the Russian leader to thwart cyber-attacks, he was clear. He spoke of cyber security and said that the US wouldn't be a refuge to cyber-criminals. This hit Putin badly. Did he react? Yes. He responded and said that his country would not mind handing over cyber criminals to the U.S.

Oftentimes, Russia has distanced itself from claims of covering criminals trading in the black market. Again, the state denies having any hand in cyber-attacks. However, it would be difficult for anyone who knows Hydra to believe these narratives. Hydra, which is a dark web marketplace, is based in Russia and mainly serves Russian speakers.

Hydra is rumoured to be the world's largest black market. And the probability of such a market existing anywhere in the world is very low. It controls more than 75% of dark market revenue in the whole world. So Putin denying that Russia isn't involved in cyberattacks is raising more questions. And when was Hydra established? Well, Hydra started operations in 2015 and has survived ever since. It only grows bigger day and night. So this is just some evidence that the Russian leader may have a hand.

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