Empire Market, a popular dark web market, has been allegedly exit scammed after was taken offline for four days

Empire Market, the largest darknet marketplace, allegedly exit-scam followed offline for some days. And the reason for this accusation comes from $ 30 million in Bitcoin held by the darknet’s admins that have been stolen.

Empire Market has been allegedly exit scammed after was taken offline for four days

Empire Market has been offline for over 36 hours. At the time, much of the blame was cast at a distributed denial-of-service (DDoS) attack. However, as time continued to unwind, customers, vendors, and DNM researchers started discussing “exit scam” theories more regularly.

An exit scam is when the moderators of a darknet marketplace suddenly shut the operation down with no warning, and users and vendor funds are stolen. Exit scams in the past have allowed DNM moderators to walk away with millions in bitcoin by suddenly shutting down the operation and going offline.

A Twitter account @DarkDotFail, which claims to be from an anonymous journalist investigating privacy browser Tor, suggests that the administrators have disappeared with the funds upholstery within site.

Dark.fail tweeted:

It is estimated that the Empire employees may have taken away about $ 30 million from the exit scam.

Dark.fail noted:

“A staff member estimates under the condition of anonymity that the admins profited 2,638 BTC, $ 30 million.”

Empire Market has been down since it went offline on August 22, 2020, which is a total of four consecutive days. Reports say that even though the DNM operators have stolen around 2,638 BTC, on-chain funds stemming from the DNM have not moved yet.

And a recently posted screenshot from an apparent Empire moderator said:

“I am crushed and ashamed by my admin’s apparent decision to disappear with your funds.”

Empire Market popped up in January 2018 after the AlphaBay marketplace shuttered, and grew to an estimated 1.3 million users. However, that popularity reportedly came with increased challenges in the form of DDoS attacks and “obsessive doxx attempts by a banned vendor,” the account claims.

Quite a lot of opinions say they have taken too much damage from Empire Market’s sudden departure

Some Empire users claim to have lost just a few dollars, others lost hundreds, and a few people said the moderators got a few thousand from their purses.

On the DNM forum called Dread, a known Empire staff member named “Se7en” said the marketplace was indeed down, but he doesn’t believe it was an exit scam. Although many DNM insiders do not think so, Se7en’s story and some have insisted that “Se7en deleted his Dread account.”

Researcher Dark.fail also discussed a character called Se7en. Dark .fail’s recent Twitter thread highlights that eight major sites exit scammed in 2019 after Wall Street Market’s seizure, yet Empire remains trustworthy.

What caused this sudden disappearance in people’s money? We probably never know.

However, regardless of whether the exit is part of an unscrupulous scam or due to administrator fatigue, Empire’s fall seems to be permanent.

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