Most "free" links for 20M combo lists are traps. The download often contains "stealer logs" or trojans that infect the downloader’s own computer.
By the time a list reaches a public download link, it has likely been "picked over" by thousands of other hackers, meaning most of the accounts are already flagged or secured. How to Protect Yourself Download 20M User pass combo txt
For the curious user or the aspiring "script kiddie," downloading these files carries heavy risks: Most "free" links for 20M combo lists are traps
Possessing stolen credentials is a crime in many jurisdictions (such as the CFAA in the US), regardless of whether you intend to use them. How to Protect Yourself For the curious user
Once the data loses its premium value, it is bundled into "Mega Collections" and posted on "clearnet" forums or Telegram channels for free.
The data is sold in "private" circles on the dark web for high prices.