Darknet markets continue to thrive as hubs for criminality, including for narcotics and firearm distribution, malware supply, ransomware recruitment and other cornerstone cybercrime-as-a-service activities. Studying how Hydra became such a success will be key to tracking and disrupting future darknet markets, says Ian Gray. Gray leads Americas research and analysis at Flashpoint, where he focuses on deep and dark web intelligence. Gray actively researches cybercriminal use of new and emerging technologies for malicious purposes in various fraud communities. He also serves as an adjunct professor for Fordham University’s Master of Science in Cybersecurity program.”]