Abacus Market, the largest Bitcoin-powered darknet marketplace in the Western world, has abruptly gone offline in what appears to be an exit scam.
Key Takeaways:
Abacus Market, the largest Bitcoin-based darknet marketplace, has gone offline in a suspected exit scam. Withdrawal issues blamed on a DDoS attack matched typical exit scam patterns. In June, US law enforcement seized crypto tied to BidenCash, dismantling 145 darknet and web domains.TRM Labs reported on Monday that the site, along with its clearnet mirror and infrastructure, is no longer accessible, leading to suspicions that the operators “have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.”
The closure may be linked to law enforcement pressure, as Abacus saw a record monthly volume following the June shutdown of Archetyp Market, one of the longest-running darknet marketplaces.
Abacus Admin Attributes Withdrawal Issues to DDoS Attack
Reports of withdrawal problems began circulating in late June, prompting Abacus’s admin, known as “Vito,” to blame the issues on a surge of new users and a distributed denial-of-service attack.
TRM Labs noted that “this behavior was consistent with known exit scam patterns seen across other darknet markets.”
Despite reassurances, users rapidly withdrew from the platform. Daily deposits plummeted from around $230,000 in June to just $13,000 between June 28 and July 10.
Abacus specialized in the sale of illicit drugs, including stimulants and psychedelics, and operated a central deposit wallet supporting Bitcoin and Monero.
After Europol shuttered Archetyp Market on June 16, many users migrated to Abacus, driving the platform’s sales to a June high of $6.3 million.
Similar growth spikes followed the voluntary closure of ASAP Market last year, with Abacus’s share of the Bitcoin-based Western darknet market rising above 70%.
TRM Labs explained, “Marketplaces that reach the top of the ecosystem… often become priority targets for law enforcement.”
Over 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.
TRM Labs suggests the admins may have “lost motivation” or prioritized “self-preservation” over profit following Archetyp’s seizure and increased scrutiny.
There is also speculation that law enforcement may have quietly seized the marketplace, gathering evidence while withholding public statements.
However, the admin of the darknet forum Dread, closely linked to Abacus, expressed skepticism about this theory, noting that “official seizure notices have appeared months after a DNM has gone offline” in previous cases.
US Takes Down 145 Darknet Domains
In June, the US law enforcement seized crypto linked to BidenCash, 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.
Additionally, the DOJ recently seized over $24 million in cryptocurrency from a Russian national accused of developing and operating the Qakbot malware.
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