Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how the darknet marketplace Abacus Market has vanished in a suspected exit scam.
Darknet Marketplace Abacus Market Vanishes
The darknet marketplace Abacus Market has gone offline in what appears to be an exit scam. The largest Bitcoin-powered Western darknet marketplace commanded around 70% of the market share from all Bitcoin-enabled Western darknet marketplaces throughout 2024. The news has come as a shock to many as the website and infrastructure, including its clearnet mirror, are not longer accessible. This abrupt end to the marketplace was reported on Monday by TRM Labs. They believe the “operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.”
It is not currently clear if the closure is associated with law enforcement. Abacus Market clocked a monthly record after the closure of Archetyp Market in mid-June. By late June users were reporting issues with withdrawals and this prompted the Abacus administrator known by the handle “Vito” to assure users that the problems were merely a result of an influx of new people.
TRM Labs noted that “this behaviour was consistent with known exit scam patterns seen across other darknet markets.” From then users started to flee in droves even with the assurance from Vito. Daily deposits dropped in the final weeks, down from an average daily deposit of $230,000 in most of June to just $13,000 daily from June 28 to July 10.
The Abacus Marketplace specialised in a wide range of illicit drugs, including stimulants, psychedelics, unlicensed pharmaceuticals. It operated a central deposit wallet supporting Bitcoin and Monero. The issue, according to TRM Labs, is that once marketplaces reach the top of the ecosystem, in terms of volume, user base, listings, and reputation, often become priority targets for law enforcement.”
During its four years of operation, Abacus generated nearly $100 million in Bitcoin sales, though the actual volume may be $300-400 million due to Monero transactions. There is the potential that admins may have “lost motivation” or prioritised “self-preservation” over profit following Archetyp’s seizure and increased scrutiny, according to TRM Labs. They noted:
“Faced with the decision between profit-seeking and self-preservation, Abacus’s admins likely chose the latter in light of Archetyp’s seizure and the surge in new users that elevated Abacus’s profile.”
Previous administrators of other dark market operators who voluntarily exited, such as those at ASAP Market and Agora Market, or those who did an exit scam such as Evolution market, did so without without being caught by law enforcement. Whether or not law enforcement managed to seize Abacus remains to be seen as TRM Labs speculate they may have and be staying quiet about the operation while they compile evidence and track down those involved. The admin of the darknet forum Dread, closely linked to Abacus, expressed scepticism about this theory, noting that “official seizure notices have appeared months after a DNM has gone offline” in previous cases.
Given that Abacus was one of the top darknet marketplaces dealing in Bitcoin there is the potential that it is the latest to be shut down by law enforcement. Europol managed to close Archetyp Market on June 16 and they also shut BidenCash in the same month. BidenCash was the infamous dark web marketplace accused of selling over 15 million stolen credit cards and personal data. The international operation took down around 145 darknet and traditional internet domains associated with the marketplace.
https://x.com/DarkWebInformer/status/1940077384323023134
Have a great day.
Peace. CryptoGod-1.
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