Darknet marketplace users suspect $30M crypto exit scam

23 Apr, 2019 | Updated: 23 Apr, 2019
by Fifi Arisandi
Darknet marketplace users suspect $30M crypto exit scam

Users suspect darknet marketplace, Wall Street Market of conducting exit scam, taking away $30 million from its escrow. 

Suspicion has been arising to a darknet marketplace, Wall Street Market (WSM). The marketplace is said to have conducted an exit scam, taking away as many as $30 million in cryptocurrency from their users.

According to CCN, the concern was raised by a user of a Reddit-like forum for dark web users, Dread Forum. The statement is also backed by the multiple warnings from WSM’s administrators that urged users to stop depositing funds on the platform.

That said, users actually felt something was not right a couple of days ago when WSM moderator Nebula made an announcement about the technical issues that was caused by the crash of their Bitcoin server.

“If you do not know, in the last days, as described by the administrators, we’re experiencing problems due to a server crash that caused our bitcoin server to be out of sync with the blockchain. These problem result in loss of the control over the wallets for this server until is completely resynchronized,” the announcement wrote.

Moreover, several of WSM’s staffs were also reported to have been abusing their customers. The platform’s community manager and moderator, Med3l1n and support staff tried to blackmail customers by threatening to reveal their personal info to the FBI and Europol, unless they pay a cryptocurrency ransom.

“The support department is sending messages with all of my orders that include plain text on their bitcoin address, asking for them. They are blackmailing users now to pay or they will be included in the list which will be leaked to the FBI and Europol. They further warned that this is not a burned packstation or a burn drop, emphasizing that the investigations will go deep once the whole marketplace is crawled and saved, adding that if a user pays and includes the id of the order on the dispute message, they will be removed off the list leaked to law enforcement,” vendor Californiasfinest said.

While it’s still too early to conclude that an exit scam has really happened, the Dread Forum is already full of people claiming it to happen. Moreover, the timing is also considered as “perfect”, given the situation where another darkweb marketplace, Dream Market (DM) closure announcement recently, which is said to have brought lots of crypto escrow deposits from former DM’s users to WSM platform.

Whether or not the claim turns out to be true remains to be seen. Stick with Chepicap for updates.

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