The largest darknet marketplace in the West, Abacus Market, has gone offline, prompting suspicions of an exit scam and leaving users without funds.
Reasons for Abacus Market's Closure
Abacus Market, the largest Bitcoin-powered darknet marketplace, has shut down. TRM Labs reported that this disappearance may indicate an exit scam as the site has become inaccessible.
The closure could be related to increased law enforcement scrutiny after the shutdown of Archetyp Market in June, leading to a surge in interest in Abacus Market.
Withdrawal Issues
Since late June, users began reporting withdrawal problems, to which the administrator known as "Vito" responded that these issues were due to an influx of new users and a distributed denial-of-service attack.
Despite this assurance, the issues resulted in daily deposits falling from $230,000 to just $13,000 within a few weeks.
The Legacy of Abacus Market
Over its four years of operation, Abacus Market generated nearly $100 million in Bitcoin sales. However, TRM Labs suggests that its actual sales could range between $300 and $400 million due to the significant role played by privacy coins.
The closure of Abacus may not only stem from law enforcement actions but also from the operators' desire to preserve their profits and exit the ecosystem.
The closure of Abacus Market highlights the instability of darknet markets and the risks associated with using such platforms. Users are left without funds, and questions about the safe use of these markets become increasingly relevant.
