Abacus Market, one of the largest bitcoin-powered darknet bazaars in the West, has gone offline without warning. According to TRM Labs, its ClearNet mirrors, websites and wallets all disappeared quickly.
Users reported they struggled to withdraw funds in late June. Deposits then plummeted from around $230,000 a day in early June to just $13,000 a day between June 28th and July 10th. Today, many believe that the operator simply grabbed cash and disappeared.
The market is facing a sudden shutdown
Based on a report from TRM Labs, Abacus’ admins, known as “Vito,” denounced the surge in new users and the DDO attacks when withdrawals began to fail. However, users were in a hurry to withdraw money anyway.
That deposit drop was a clear indication that something was wrong. If the site processes more than $6.3 million a month after the Archetyp Market’s June 16th closure, it’s unwanted eye catching.
Vito, an administrator for Abacus, reassured users that the withdrawal issue hasn’t been long. sauce: TRM Lab
Volume spikes attracted attention
According to TRM Labs, Abacus saw its highest monthly sales ever in June. The Archetyp shutdown led buyers to scramble and sent out more than 70% of the share of the Western Dark Market in Bitcoin support, following the collapse of the ASAP market last July and the attack on the secret market in March 2024.
Over the course of four years, the site sold nearly $100 million in Bitcoin. However, much of that trade used Monero, a privacy coin, so realisation volumes could range between $300 million and $400 million.
BTCUSD trading at $117,067 on the 24-hour chart: TradingView
Customers flee when trust is eroded
Based on user reports, many traders were nervous when the hiccup of withdrawal began. Vito’s message did not relieve fear. Instead, more people pulled out the funds and moved on.
The Darknet market tends to lose users at the first sign of trouble. Once trust is lost, the deposits dry quickly. In the case of Abacus, the change was reduced by almost 95% over two weeks of daily influx.
Lots of weird things happen on the darknet. Image: Stratix Systems
The future of the dark net market
According to TRM Labs, operators reaching the top are often law enforcement goals. Some administrators have chosen to leave for money rather than face arrest.
Previous examples include the Evolution Market exit scam and the quietly closed Agora market. It could also be that authorities seized the Abacus and kept it quiet while they tracked down buyers and sellers. However, insiders at the DREAD Discussion Forum have now raised questions about the theory.
For now, traders and vendors need to treat all darknet sites as temporary. Based on this latest shutdown, it is clear that even millions of monthly markets could disappear overnight.
SSL Store Featured Images, TradingView Chart
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