The darknet marketplace Abacus, which held around 70% of the western cryptocurrency trading sector, has disappeared, leaving users without access to their funds. Experts believe this may be the result of fraudulent actions.
The Disappearance of Abacus
The darknet marketplace Abacus, the most popular platform for Bitcoin transactions, has vanished overnight, leaving thousands of users without access to their funds. It is suggested that the operators may have executed a scam, stealing deposits and shutting down the platform.
Decline in Popularity
The marketplace's popularity began to decline after the closure of another major darknet market, Archetyp, in mid-June. This closure prompted a mass user migration to Abacus, resulting in record sales of $6.3 million for the month. However, increased exposure attracted law enforcement attention to Abacus. Withdrawal issues started in late June, leading to a significant drop in user trust.
Possible Fraud
During its four years of operation, Abacus sold nearly $100 million worth of Bitcoins, although it could have reached up to $400 million. Operators likely opted to shut down the platform to avoid repercussions following recent governmental actions against darknet markets. Data analysis from TRM Labs indicates the operators may have chosen to preserve themselves.
With the disappearance of Abacus, users not only lost access to their funds but also trust in such platforms. The actions taken may impact the future of darknet markets.
