Abacus Market, a major Bitcoin-powered Western darknet marketplace, has vanished in what appears to be an exit scam. TRM Labs suspects the operators have conducted a scam, leading to the shutdown and disappearance of user funds. The closure could be linked to law enforcement scrutiny after the closure of Archetyp Market.
Despite reassurances from the Abacus administrator “Vito,” users faced withdrawal issues prompting many to flee. Daily deposits plummeted from $230,000 in June to $13,000 daily from June 28 to July 10. Abacus offered illicit drugs and operated a central deposit wallet supporting Bitcoin and Monero.
Following the closure of Archetyp Market, Abacus experienced its largest-ever monthly sales volume of $6.3 million in June. The closure of other competitors led to a spike in Abacus’s share of the Bitcoin-supporting Western dark market ecosystem to over 70%.
As marketplaces grow in volume and reputation, they become prime targets for law enforcement. Abacus generated nearly $100 million in Bitcoin sales during its four years of operation, with possible additional sales of $300-400 million in Monero.
TRM Labs suggests Abacus operators may have chosen to exit the market to protect their freedom and financial gains after the closure of Archetyp Market. Similar exit strategies have been successful in the past, allowing market operators to evade law enforcement.
There is a possibility that law enforcement seized Abacus Market covertly and is gathering evidence. The administrator of the dark web forum Dread doubts law enforcement involvement in the marketplace’s disappearance. Occasionally, seizure notices appear months after a darknet market goes offline.
Read more at Cointelegraph.com
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