Bitcoin-Driven Abacus Market Vanishes With User Funds Amid $6.3 Million Peak

- Largest Bitcoin darknet market exits after $6.3 million sales surge. - Users lose access as platform faces scrutiny, collapses without warning. Abacus Market, the largest Bitcoin-backed darknet platform with one-third of the market share, has suddenly gone offline, a move sparking allegations of an exit scam after months of record-breaking transactions. On July 15, 2024, CoinDesk reported that the marketplace vanished following a period of significant growth, which occurred after its competitor, Incognito Market, shut down in March 2024. This growth included record-breaking monthly sales of $6.3 million in June, a surge that likely attracted increased law enforcement attention. Consequently, in the days leading to its disappearance, users began reporting problems with withdrawing funds. These reports, which started in late June, coincided with sharp declines in daily deposits. By early July, the marketplace's website and infrastructure, including its clearnet mirror, became completely inaccessible. The marketplace's administrator, known only as "DeSnake," tried to address concerns on the dark web forum Dread by attributing the issues to technical problems, such as a distributed denial-of-service (DDoS) attack and an influx of new users. However, these assurances failed to restore confidence, and as a result, deposit activity plummeted from a daily average of $230,000 in June to just $13,000 between June 28 and July 10. Specialists note this pattern is consistent with previous exit scams on other darknet platforms. Abacus Market specialized in selling illicit goods, primarily drugs, but also malware and stolen data, and it processed payments in both Bitcoin and Monero. During its operation, the marketplace had processed transactions totaling at least $200 million throughout its lifetime. Experts speculate the platform’s operators voluntarily shut down to avoid legal consequences and preserve their profits, as historical trends show that administrators who execute exit scams or close marketplaces often evade capture. While a law enforcement seizure is possible, users on darknet forums believe a covert takedown is unlikely due to the absence of seizure notices. Abacus Market’s disappearance represents a significant disruption to the darknet economy, and its former users will likely migrate to other marketplaces. On July 15, CoinMarketCap data showed that Bitcoin (BTC) was trading at approximately $65,000. Meanwhile, Monero (XMR), a currency often used for darknet transactions, traded at around $165.