Abacus Market, one of the largest Darknet bazaar in the West, has been offline without warning. According to TRM Labs, Clearnet mirrors, websites and wallets are all gone at once.
The user had a hard time withdrawing funds for the first time at the end of June. Then, between June 28 and July 10, I deposited from $ 230,000 a day to $ 13,000 every day. Now many people think that operators simply grab cash and disappear.
The market suddenly faces a shutdown
Based on the report of TRM Labs, Abacus administrators (“Vito”) described DDOS attacks when new users’ surge and withdrawal began to fail. But the user ran to take out the money anyway.
The deposit drop was something wrong. After the closure of Archetep Market on June 16, the site can raise an unwanted eye by handling more than $ 6.3 million a month.
VITO, an Abacus administrator, reassured the user that the withdrawal problem would not last long. source: TRM laboratory
Volume spike attracted attention
According to TRM Labs, Abacus has the highest monthly sales in June. Archetyp’s shutdown scrambled buyers, and after the fall of the ASAP market in July, Abacus’s share of the Bitcoin-West Dark Market Shot and the Secret Market in March 2024 has more than 70%.
For four years, the site has sold almost $ 100 million at Bitcoin. However, many transactions used Monero, a privacy coin, so it can actually be between $ 300 million and $ 400 million.
BTCUSD trading at $117,067 on the 24-hour chart: TradingView
Customers run away from trust erosion
Based on the user report, many traders were nervous when withdrawal hiccups began. Vito’s message did not calm the fear. Instead, more people took out the funds and moved.
The Darknet market tends to lose users in the first signs of the problem. When trust disappears, the sediment is dried quickly. In the case of Abacus, the change has reduced almost 95% of daily inflows over two weeks.
Lots of weird things happen on the darknet. Image: Stratix Systems
The future of the Dark Net Market
According to TRM Labs, the operator who reaches the top is often the goal of law enforcement. Some administrators decide to go out of money rather than arrest.
Examples of the past include exit frauds of Evolution Market and quietly closed Agora Market. The authorities may be quiet while tracking buyers and sellers. But the insiders of the horror discussion forum have doubted the current theory.
Currently, traders and suppliers must temporarily handle all Darknet sites. Based on this latest shutdown, it is clear that it can disappear all night in millions of dollars per month.
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