Investigating the Characteristics of Dark Web Markets and Their Security Implications

The dark web and the markets on it are often shrouded in mystery. However, the fact that they are little known does not mean that they have no impact on society. On the contrary, these markets have evolved into platforms that may even facilitate cybercriminal activities. Furthermore, dark web markets take advantage of technology to hide themselves on the hard-to-trace dark web, making the fight against criminal activity increasingly challenging. Despite the rapid development of modern dark web markets in recent years, knowledge about them remains limited and needs to be expanded urgently.

Therefore, the research presented in this thesis aims to expand the understanding of dark web markets and explore their characteristics. To achieve this, a custom crawler was developed to help collect data from 21 dark web markets (over different time periods), including quantitative and qualitative data and information.

An in-depth analysis of the current status of the English and Chinese dark web markets was conducted, indicating that markets in different languages could be influenced by cultural factors. Following, security mechanisms on dark web markets were further examined and documented, which not only laid the groundwork for encountering the challenges of data collection in this area but also discussed the role and impact of the market's security mechanisms as a key part of the market's operation. Additionally, an analysis of data and events before and after the closure of markets was conducted, offering deeper insights into the perspectives of market operators, vendors, and users, as well as the impact of this phenomenon. A case study was also carried out focusing on the availability of child sexual abuse material on dark web markets, obtaining evidence of the sale/distribution of this specific serious criminal material on the dark web market. While it is fortunately not found in the mainstream English dark web markets, there are indications that it is widely available on the Chinese dark web markets.

Overall, the dark web market continues to be an active, often dynamic, and unpredictable environment. Despite the fact that the dark web market has been around for many years (even decades), the lack of up-to-date information and a clear vision of it has meant that we have always been one step behind the criminals. This thesis provides a thorough investigation of the current state of dark web markets in both English and Chinese contexts. It highlights how cultural differences affect market operations, summarises the common security mechanisms employed, and offers insights for effective data collection. Additionally, it categorises three types of market closures and examines the role and impact of dark web markets in facilitating specific criminal activities.