Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Darknet marketplace “Empire” exit scams with $30 million in Bitcoin

by admin
August 27, 2020
in Bitcoin
0
Darknet marketplace “Empire” exit scams with $30 million in Bitcoin
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter


A big marketplace known for selling illicit and illegal products on the dark web has reportedly exit-scammed with over $30 million in Bitcoin, as per reports.

Bitcoin, gone

Marketplaces on the dark web — the part of the internet untraceable by search engines like Google and run by largely anonymous server owners — have long thrived ever since Bitcoin made an appearance in 2009.

RELATED POSTS

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Banned substances, guns and ammunition, fake passports, and even fake fiat currencies continue to remain available on the internet’s literal darkest corner in return for untraceable cryptocurrencies like Bitcoin and Monero.

But even thou a large part of the dark economy thrives and is, surprisingly, reliable for users in terms of receiving deliveries after payment; there’s always a scam element — one that users of Empire found out the hard way.

“Empire, the largest darknet crypto market is gone. With no explanation from its admins and no announcement from law enforcement, this looks like a devastating exit scam,” said a tweet by dark.fail, an anonymous journalist who researches the dark web.

Empire, the largest darknet cryptomarket is gone. With no explanation from its admins and no announcement from law enforcement, this looks like a devastating exit scam.

The darknet was in a golden age of trust. Expect a rough year of exit scams ahead as trust is rediscovered.

— dark.fail (@DarkDotFail) August 25, 2020

Empire launched in January 2018 shortly after AlphaBay’s demise and grew to 1.3 million users. A staff member estimates under the condition of anonymity that the admins profited 2,638 BTC, $30 million USD, the researcher said.

He further noted that eight major sites exit scammed in 2019 after Wall Street Market’s seizure, but Empire remained trustworthy.

Eventually, the site gained in popularity and then purportedly faced relentless DDoS attacks, phishing clones, and obsessive doxx attempts by a banned vendor, added dark.fail.

“It’s easy to have a firm ideology at the launch of a darknet crypto market, but once you’re holding thousands of Bitcoin greed can defeat all good intentions.”

It’s easy to have a firm ideology at the launch of a darknet cryptomarket, but once you’re holding thousands of Bitcoin greed can defeat all good intentions.

They could yet come back but my instinct tells me that greed won. We’ll see if they get arrested with or without honor.

— dark.fail (@DarkDotFail) August 26, 2020

The news comes days after a dark web user in India was arrested after buying over $27,000 worth of methamphetamine using Bitcoin.

Darknet remains a crypto hotbed

The darknet remains a hotbed for illicit activity, powered by Bitcoin. In another report earlier this month, an American dark web vendor and his accomplice were charged with trafficking illegal drugs worth around $270 million in Bitcoin.

The US Department of Justice held the duo and stated that law enforcement agencies are now targeting illegal dark web transactions involving virtual currencies in a much more significant manner compared to the past few years.

Overall, the duo sold over 23,903 Bitcoin (approximately $270 million at the time) for the purchase of a painkiller, OxyContin, and morphine pills.

Like what you see? Subscribe for daily updates.





Source link

Tags: BitcoinDarknetEmpireexitmarketplacemillionscams
ShareTweetShare

Related Posts

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition

by admin
July 3, 2022
0

Bitcoin has a strong ally in Mexico. The crypto must be accepted as a legal tender, a Mexican senator...

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

by admin
July 3, 2022
0

The Oslo Freedom Forum offers another perspective.  Seen from the standpoint of activists like these or these, the value...

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

by admin
July 2, 2022
0

On-chain data shows Bitcoin funding rates have sunk into deep negative values, something that could pave way for a...

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

SBF says FTX could acquire distressed BTC mining companies to prevent contagion fears

by admin
July 2, 2022
0

FTX CEO Sam Bankman-Fried is reportedly turning his attention to the crypto-mining industries with the possibility of acquiring distressed...

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Here’s why the UK financial regulator said crypto investors can “lose all their money”

Here’s why the UK financial regulator said crypto investors can “lose all their money”

January 11, 2021
Forbes 2022 Top 50 Fintech List Includes 9 Crypto Companies

Forbes 2022 Top 50 Fintech List Includes 9 Crypto Companies

June 10, 2022
Jump-Backed Wormhole Bridge Expands to Algorand Blockchain

Jump-Backed Wormhole Bridge Expands to Algorand Blockchain

May 18, 2022
TangoChain Unveils The World's First 100% Gaming Blockchain Platform

TangoChain Unveils The World’s First 100% Gaming Blockchain Platform

September 23, 2021

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%