Significant Movement of Bitcoin from Abraxas Darknet Market
A blockchain investigator, ZachXBT, has made a shocking discovery regarding the movement of 4,800 Bitcoin (BTC) worth $144 million. These funds originated from Abraxas, a defunct darknet marketplace that exit-scammed its investors back in 2015. The traced funds were sent through crypto mixers to obscure the transactions.
Millions Worth of Abraxas Bitcoin Moved
According to Zach’s tweet, an entity transferred around 4,800 BTC ($144M) from the Abraxas darknet market. This market exit-scammed in November 2015 after being inactive for some time. Abraxas was known for facilitating illicit trade, including narcotics, hacking services, and counterfeit items on the Tor network.
ZachXBT shared a graph showing the movements from one of the addresses involved. The movement of funds started on October 26, 2015. One of the wallets linked to the exit scam received 49 BTC and then transferred the funds to another address on May 3, 2023. The funds were later consolidated and sent through a Bitcoin mixer to obfuscate the transactions.
Darknet Markets Using Crypto and Mixers
Darknet markets have been utilizing cryptocurrency for payments for several years. Silk Road, the first modern darknet marketplace that operated between 2011 and 2013, was well-known for using crypto in its transactions. Authorities have seized billions worth of Bitcoin since Silk Road’s shutdown in 2013.
The most recent darknet platform associated with illicit activities is Hydra Marketplace, which operated from 2020 to 2022. Crypto mixers have played a significant role in facilitating criminal activities related to digital assets. For example, Tornado Cash, a crypto mixer, was banned by U.S. regulators last year due to its involvement in illegal schemes, including money laundering.
Hot Take: Darknet Markets and the Ongoing Battle Against Illicit Activities
The movement of millions worth of Bitcoin from the defunct Abraxas darknet market highlights the ongoing battle against illicit activities in the crypto space. While darknet markets have been using cryptocurrencies for transactions for years, blockchain investigators and authorities continue to trace and uncover these movements.
Efforts to shut down darknet platforms and regulate crypto mixers are crucial in combating money laundering, illicit trade, and other criminal activities. The seizure of funds and the banning of platforms like Tornado Cash demonstrate that regulatory bodies are actively working to prevent the misuse of cryptocurrencies.
However, as long as there is demand for illicit goods and services on the darknet, these activities will persist. It is important for users to exercise caution and engage in legal and legitimate transactions within the crypto space.
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