Abacus Market Likely Conducts Exit Scam Amid Darknet Instability, Reports TRM Labs
Main Idea
Abacus Market, a major bitcoin-enabled darknet marketplace, is suspected of conducting an exit scam amid instability in the darknet market ecosystem, following the seizure of Archetyp Market and declining deposit volumes.
Key Points
1. Abacus Market, the largest Western darknet marketplace using bitcoin, is likely involved in an exit scam during a period of darknet instability.
2. The incident follows the seizure of Archetyp Market by law enforcement on June 16, which increased skepticism in the darknet market ecosystem.
3. Deposit volumes on Abacus Market plummeted before the suspected exit scam, raising concerns about the platform's operations.
4. The future of other darknet platforms like DrugHub and MGM Grand remains uncertain amid these developments.
5. TRM Labs notes that recent law enforcement actions have focused on arrests rather than large-scale marketplace takedowns.
Description
Abacus Market, the largest bitcoin-enabled Western darknet marketplace, went offline earlier this month, leading blockchain intelligence firm TRM Labs to assess that the operators likely executed an exit scam, disappearing with users’ funds. This incident follows the June 16 seizure of Archetyp Market by law enforcement, highlighting a trend of instability within the Western darknet
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