Key takeaways
- Abacus Market’s sudden disappearance has reminded the community about the fragility of the sphere. Whether it was an exit scam or a quiet takedown, millions in user funds are gone, and trust in the ecosystem took another major hit.
Abacus Market, the largest Bitcoin [BTC]-driven darknet marketplace in the Western world, has abruptly gone dark, bringing about suspicions of a major exit scam.
After dominating the ecosystem with over 70% market share and recording $6.3 million in monthly sales, its sudden disappearance has shocked the community.
What happened?
Blockchain intelligence firm TRM Labs reported that both Abacus Market’s dark web and clearnet infrastructure are now inaccessible, a likely exit scam by its operators.
The shutdown came after a wave of user complaints about failed withdrawals in late June.
Although the site’s administrator, Vito, attributed the problems to DDoS attacks and a spike in traffic, TRM Labs observed that this pattern closely resembles known exit scams.
Source: TRM Labs
User trust quickly eroded. Deposits plummeted from an average of $230,000 a day in mid-June to just $13,000 by the 10th of July.
The rise before the fall
The suspected scam surfaced just weeks after Abacus reached its peak.
Following Europol’s takedown of Archetyp Market (one of the most established darknet platforms) on the 16th of June, users migrated to Abacus, making it the largest Bitcoin-enabled darknet market in the West by volume.
In June alone, Abacus recorded $6.3 million in sales, capturing over 70% of the market.
This wasn’t its first surge: similar spikes followed the July 2023 shutdown of ASAP Market and the March 2024 seizure of Incognito Market.
Source: TRM Labs
TRM Labs noted that darknet users tend to migrate to the next “reputable” option when a marketplace falls. This often places the new market under intense scrutiny.
Scam or seizure?
It is believed that Abacus’s operators likely chose to exit with user funds, possibly to avoid Archetyp’s fate.
But that’s not the only theory. A covert law enforcement seizure hasn’t been ruled out either.
However, no official seizure banners have appeared. Additionally, Dread forum administrators – who have close ties to Abacus – have cast doubt on the law enforcement theory.
During its four-year run, Abacus may have processed between $300 million and $400 million in combined Bitcoin and Monero sales. It is speculated that its admins, faced with heightened visibility and enforcement risk, prioritized “self-preservation” over continued profits.
The report stated,
“Faced with the decision between profit-seeking and self-preservation, Abacus’s admins likely chose the latter in light of Archetyp’s seizure and the surge in new users that elevated Abacus’s profile.”
Whether the result of fear, greed, or a secret takedown, the outcome is the same. Users are left empty-handed, and another major darknet chapter ends… in silence.
