Abacus Market Allegedly Conducts $12 Million Exit Scam Amid Growing Regulatory Scrutiny

The website of one of the largest darknet marketplaces, Abacus Market, has unexpectedly ceased operation. Following user complaints about delayed payouts, the platform’s administrators stopped communicating, according to analysts from TRM Labs.

In 2024, Abacus held a 70% share among Western darknet platforms accepting Bitcoin. TRM experts speculated that amid increasing scrutiny from law enforcement, the operators may have conducted an exit scam—disappearing with users’ funds.

A surge in activity on Abacus occurred in mid-June, coinciding with Europol’s operation against Archetyp Market, one of the oldest darknet marketplaces. As a result, users flocked to Abacus, and the monthly sales volume skyrocketed to $6.3 million.

By the end of the month, clients began reporting difficulties with withdrawals. The platform’s administrator, known as Vito, attributed the issues to DDoS attacks. This reasoning did not reassure users, as daily deposits plummeted from $230,000 to just $13,000 over two weeks. Eventually, Vito stopped responding.

TRM Labs analysts noted that such behavior aligns with exit scam patterns. Similarly, previous darknet platforms like Evolution Market vanished using the same tactics.

Abacus facilitated the sale of illegal substances and supported both Bitcoin and Monero. Over four years, Bitcoin transactions on the platform exceeded $100 million, and when including Monero, the total volume could have reached $300-400 million, according to experts.

While exit scam remains a primary theory, TRM Labs analysts suggested that law enforcement could also be conducting a covert operation to gather evidence. However, the administrator known as Dread, who maintained contact with the Abacus team, expressed skepticism about the involvement of authorities in their closure.

Experts believe the administrators may have voluntarily exited the market due to heightened regulatory attention.

It’s worth noting that in March, Chainalysis cybercrime researcher Eric Jardine reported on the return of darknet platforms to Bitcoin.