Abacus Market Goes Dark in Suspected $6M Bitcoin Exit Scam
Abacus Market, the leading Bitcoin-enabled darknet marketplace, suddenly went offline in early July. No seizure notice was issued, fueling speculation of an exit scam.
Users reported failed Bitcoin withdrawals in late June and daily deposits plunged from $230,000 to $13,000. Founded as Alphabet Market in 2021, Abacus Market rebranded later that year and targeted Western and Australian traders. By June, it captured over 70% of the Western darknet market with $6.3 million in monthly turnover.
This suspected exit scam has raised concerns over fund security on centralized darknet hubs. The exit scam claim has also dented trader confidence in darknet venues. Traders are migrating to decentralized platforms like Dread and favoring multi-signature escrow and on-chain settlements.
Short-term volatility could spike for BTC and XMR. Regulators may intensify scrutiny. In the long term, transparent custody solutions and stronger enforcement tools could reshape market stability.
Bearish
The sudden offline status and suspected exit scam at Abacus Market have undermined confidence in centralized darknet platforms. Short-term market reactions may include heightened volatility and cautious selling of BTC, as traders reassess the risk of custodial models. Regulatory scrutiny could intensify, adding downward pressure. In the long term, while demand for decentralized custody solutions may grow, the immediate impact on Bitcoin price sentiment is negative, placing bearish pressure on BTC.