Bitcoin-powered Abacus market Suspected as Exit Scam

Abacus Market has been shut down in an apparent exit fraud. 

TRM Labs is unable to access its website or infrastructure including the clearnet Mirror. said A report was published on Monday. TRM believes that the disappearance led to their belief. “operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.” 

TRM labs believes the reason for the shutdown could be due to the attention of the law enforcement agencies, because Abacus Market has been able to set a new monthly record following the closure of Archetyp Market. one of the longest-running dark web marketplacesMid-June is the date for this. 

Late in June users started reporting withdrawal problems, prompting the Abacus Administrator known as the handle “Vito” It is important to assure the users that these problems are simply a result from an influx new people. distributed denial-of-service attack. 

“This behavior was consistent with known exit scam patterns seen across other darknet markets.”

Users fled in great numbers, despite assurances, and the daily deposits decreased in the final week, from $230,000 on average per day for most of June down to $13,000 a day from June 28, to July 10,  

Abacus was a supplier of illegal drugs that included stimulants, psychoactives and unlicensed medicines. central deposit wallet Bitcoins (BTCMonero (XMR). 

The shutdown could have been caused by success

Abacus, one of darknet’s top marketplaces for Bitcoin.

Europol shuttered one of the longest-running dark web marketplacesArchetyp Market’s users flooded Abacus on June 16th, resulting in the highest monthly sales of $6.3 Million.

Abacus saw a similar increase of 20% in volume after the voluntary closing of ASAP Market in July 2023. 

After the closure of Incognito Market and seizure by law enforcement in March 2024, its share of the Western dark market that supports Bitcoin also soared to more than 70%.

TRM Labs reported that when dark markets collapse, users usually migrate to another platform. “large and reputable market.” 

“Marketplaces that reach the top of the ecosystem, in terms of volume, user base, listings, and reputation, often become priority targets for law enforcement,” TRM Labs said. 

Abacus earned nearly $100 million worth of Bitcoin in its four-year operation.BTCTRM Labs stated that they were unable to sell the product because of this. privacy coin Monero accounted For a high volume of sales its total actual could range between $300 and $400 millions.

Profits and No Consequences for Peers 

TRM Labs suggests that the Abacus operator could also have been a TRM employee “lost motivation to continue” Or choose to exit the eco-system “preserve their freedom and financial gains.”

“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.” 

Former administrators at other dark markets who have voluntarily left, for example, those from ASAP Market or Agora Market conducted exit scamsTRM Labs reports that Evolution Market is one example of a company which managed to escape law enforcement without being detected. 

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Darknet Marketplace may be already seized 

TRM labs believes there is a possibility that the law enforcement agencies have secretly taken over the market and they are keeping mum about it while they collect evidence and try to track down the individuals involved. 

The firm said that the administrator of a dark-web discussion forum called Dread who had been in contact with Abacus’ team has also cast doubts on the involvement of law enforcement behind the disappearance. 

“In some cases, such as Nemesis Market’s exit, official seizure notices have appeared months after a DNM [darknet market] has gone offline,” TRM added.

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