Just over a week ago it was finally confirmed that BlackBank, one of the largest darknet markets, had exit scammed, and that an unknown amount, guaranteed to be over 606 bitcoin had been taken by the BlackBank owners.
The BlackBank had risen to become the second largest drugs market after the Evolution exit scam, however, it now appears to be clear that the BlackBank has followed the same route as its predecessor, once more making customers anxious about their own wallets.
It was back in the middle of May that the first warning signs appeared. DDoS attacks had been very prevalent on some of the darknet markets, and customers were understandably on edge.
Most were still in shock over the revelation that Evolution, the largest of the markets had exit scammed, and the owners had made good their escape along with over $12 million in bitcoin just a month and a half previously and many feared that under the cover of DDoS attacks, another marketplace might try to slip away.
When it was finally revealed the Mr Nice Guy, a darknet market admin, was behind the DDoS attacks, most of the sites came back online, however, one remained an ominous red on Deep Dot Web’s active market list.
Even a week after the vast majority of the DDoS attacks had ended; BlackBank still remained inactive, claiming that necessary security updates were being performed.
However, soon the story began to take an all too familiar turn, withdrawals from the BlackBank darknet site were blocked, and all communications with the BlackBank admins slowed to a halt.
Many in the darknet community still refused to believe that BlackBank had exit scammed, with some Reddit DarknetMarkets users urging customers and vendors alike to have some faith.
Many feared that what had in fact happened was that the site’s admin, known as mdparity, had been targeted by a sting operation similar to the one which brought an end to the Silk Road.
Others felt it likely that hackers had targeted the BlackBank site and that this was what mdparity had referred to by mentioning security updates.
However, as time dragged on, and June came, the community finally began to realize that it had all happened again.
It is difficult to tell just how much money has been taken by the admin, however, by examining known wallets, Deep Dot Web have come to the conclusion that it is a figure over 606 bitcoin, roughly $150,000 at the current exchange rate, however it is probably an awful lot more.
Many were doubly caught, as darknet markets reported that quite a large number of customers and vendors had moved from Evolution to BlackBank, after the previous exit scam.
For vendors and customers alike, this incident has once more shown the importance of not leaving your money in the sites for any longer than is absolutely necessary. As soon as transactions are completed, all money should be withdrawn to a separate bitcoin wallet. Too many people have lost out at this stage, and to all of them, I’m very sorry for your losses.
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