A team of academic researchers published a peer-reviewed paper in April 2025 analyzing transaction patterns on the Bitcoin blockchain that they associate with Nexus Market. The paper describes layering techniques including chain-hopping, use of decentralized exchanges, and timed withdrawal patterns.
The researchers emphasized that their analysis is based on publicly available blockchain data and heuristic clustering, and that definitive attribution requires law enforcement access to additional evidence.
The paper contributes to a growing body of academic literature on darknet marketplace financial flows and their implications for anti-money laundering policy.