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Bitcoin (BTC) Important Signal: 70% of dark web volume evaporated instantly, is a "Whale" suspected of a Rug Pull?
The world of Crypto Assets has once again staged a thrilling scene. Just one night apart, the entrance to the dark web Bitcoin marketplace Abacus turned into a 404, with tens of thousands of users' BTC and XMR disappearing without a trace. This once-dominant "Whale," which held a 70% market share and had a monthly trading volume exceeding 6.3 million USD, is suspected of performing an Exit Scam, or may have quietly come to an end under law enforcement pressure. This incident not only caused significant losses for a large number of users but also highlighted the risks of centralized custody and the increasing tracking capabilities of law enforcement agencies in the Crypto Assets space.
1. Abacus Market: A Four-Year Reflection from Rise to Collapse
Abacus Market's accumulated sales over the past four years have approached 100 million USD, and if Monero is included, the total scale falls between 300 to 400 million USD. According to reports, after Europol shut down Archetyp Market on June 16, 2025, a large number of buyers and sellers flocked to Abacus, boosting traffic and deposits.
However, just 12 days later, users reported continuous withdrawal failures. Daily deposits plummeted from $230,000 to $13,000. After the fund run, Abacus went completely offline on July 15th. Although officials clarified that it was a DDoS attack, users widely suspected it to be a typical Exit Scam, as the patterns were very similar to the timeline.
II. Escape Under Law Enforcement: Structural Weaknesses of Centralized Custody
Abacus uses a centralized custodial wallet, with the operating team holding all private keys. When withdrawals begin to "stutter", administrator Vito claims to be experiencing a DDoS attack in an attempt to quell the FUD; in reality, the centralized custody allows the platform to transfer all assets instantaneously. Historically, Evolution Market and BlackBank both ended up absconding due to the same structural vulnerability.
Blockchain analysis company TRM Labs tracked suspicious fund flows and mentioned in a report: "Faced with the choice between pursuing profits and self-preservation..." This statement highlights the law enforcement pressure faced by dark web operators. In June this year, Europol's Operation Deep Sentinel successfully took down Archetyp Market, showing that on-chain analysis combined with offline infiltration has become a mainstream method for combating the dark web. However, the strong anonymity of XMR and decentralized alternative platforms still make the pursuit a long-term battle.
III. Users or Migration to Decentralized Marketplaces: Short-term and Long-term Impacts of the Market
After the Abacus collapse, affected buyers and sellers are turning to forums like Dread for solutions, and there may be a short-term supply and demand vacuum in the market. Discussions on multi-signature custody, peer-to-peer marketplaces, and full on-chain settlement are heating up again, aiming to weaken a single operator's control over funds.
In the short term, the prices of BTC and XMR may experience fluctuations, and regulatory agencies may take the opportunity to strengthen their scrutiny of Crypto Assets flow. In the long run, more transparent decentralized custody and increasingly mature enforcement technology will jointly determine how far the next "Abacus" can go.
Conclusion:
The collapse of Abacus serves as a reminder: within a centralized custody framework, exit scams are the norm, and the struggle between the dark web and law enforcement will continue. What truly can reduce risks may be returning control back to the users themselves. This incident not only serves as another wake-up call for the dark web market but also provides new momentum for the decentralized development of Crypto Assets.