Blockchain analytics firms Chainalysis and TRM Labs released updated reports in February 2025 detailing advances in cryptocurrency tracing techniques. Both reports referenced Nexus Market among several darknet platforms whose transaction patterns were analyzed.
The research highlights how clustering algorithms and cross-chain analysis have improved the ability to trace funds even when mixing services or privacy coins are employed. Law enforcement agencies worldwide have increasingly relied on these tools for attribution and asset recovery.
These developments underscore the growing difficulty of maintaining financial anonymity on darknet platforms, a factor that researchers say contributes to the lifecycle of marketplace shutdowns and migrations.