In a recent Development, Blockchain investigator ZachXBT has uncovered a significant movement of 4,800 Bitcoin (BTC) worth $144 million. The funds originated from Abraxas, a defunct darknet marketplace that exit-scammed investors back in 2015. The traced BTC was found to have been passed through crypto mixers in order to obscure the transactions.
Abraxas was a notorious digital marketplace on the Tor network that facilitated illicit trade, including narcotics, hacking services, and counterfeit items. The marketplace operated from December 2014 to November 2015 before abruptly shutting down and disappearing with users’ funds. It was reported that Abraxas stole around 4,800 BTC, equivalent to $1.85 million at the time, during its exit scam.
Although the stolen cryptocurrency remained dormant for several years, recent patterns of BTC movements originating from the platform have been observed by analysts. ZachXBT shared a diagram illustrating the movement of funds from the initial wallet held by Abraxas Market. The movement from one of the addresses started on October 26, 2015. Over time, the funds were consolidated and sent through a Bitcoin mixer to obfuscate the transactions.
Darknet markets have long been using cryptocurrencies to facilitate their illegal activities. Silk Road, which operated between 2011 and 2013, is one of the most famous examples of a darknet market that utilized crypto for transactions. Since its seizure in 2013, authorities have managed to recover billions worth of Bitcoin. Hydra Marketplace, which operated from 2020 to 2022, is the most recent platform associated with darknet activity.
Crypto mixers have played a crucial role in enabling criminal activities involving digital assets. These services allow users to mix their cryptocurrencies with other transactions, making it difficult to trace the original source and destination of the funds. However, regulators have started cracking down on illegal schemes involving crypto mixers. Last year, U.S. watchdogs banned the crypto mixer Tornado Cash for its involvement in money laundering and other illegal activities.
This recent discovery of the movement of funds from Abraxas highlights the ongoing challenges faced by regulators and investigators in combating illicit activities in the darknet. It also serves as a reminder of the importance of proper Regulation and oversight in the cryptocurrency industry to ensure the integrity of the financial system and protect investors from scams and fraud..
#Curious #Transfer #Million #Worth #Bitcoin #BTC
Abraxas was a notorious digital marketplace on the Tor network that facilitated illicit trade, including narcotics, hacking services, and counterfeit items. The marketplace operated from December 2014 to November 2015 before abruptly shutting down and disappearing with users’ funds. It was reported that Abraxas stole around 4,800 BTC, equivalent to $1.85 million at the time, during its exit scam.
Although the stolen cryptocurrency remained dormant for several years, recent patterns of BTC movements originating from the platform have been observed by analysts. ZachXBT shared a diagram illustrating the movement of funds from the initial wallet held by Abraxas Market. The movement from one of the addresses started on October 26, 2015. Over time, the funds were consolidated and sent through a Bitcoin mixer to obfuscate the transactions.
Darknet markets have long been using cryptocurrencies to facilitate their illegal activities. Silk Road, which operated between 2011 and 2013, is one of the most famous examples of a darknet market that utilized crypto for transactions. Since its seizure in 2013, authorities have managed to recover billions worth of Bitcoin. Hydra Marketplace, which operated from 2020 to 2022, is the most recent platform associated with darknet activity.
Crypto mixers have played a crucial role in enabling criminal activities involving digital assets. These services allow users to mix their cryptocurrencies with other transactions, making it difficult to trace the original source and destination of the funds. However, regulators have started cracking down on illegal schemes involving crypto mixers. Last year, U.S. watchdogs banned the crypto mixer Tornado Cash for its involvement in money laundering and other illegal activities.
This recent discovery of the movement of funds from Abraxas highlights the ongoing challenges faced by regulators and investigators in combating illicit activities in the darknet. It also serves as a reminder of the importance of proper Regulation and oversight in the cryptocurrency industry to ensure the integrity of the financial system and protect investors from scams and fraud..
#Curious #Transfer #Million #Worth #Bitcoin #BTC
