The Russian Federation has always been seen as a hub for illicit activity, money laundering, and sophisticated crime regimes both in regards to laundering of traditional currency and through cryptocurrency. Bloomberg reports that "[t]he darknet market, where cryptocurrency is used to buy and sell illicit goods online, generated record revenue last year, led by the Russian bazaar Hydra, according to a research report by blockchain forensics firm Chainalysis." Pseudo-anonymous cryptocurrency transfers are now being used as a major tool for money launderers and terrorist financing within Russia.