Abacus Market Conducts Likely Exit Scam Amid Increasingly Unstable Western Darknet Marketplace Landscape

In early July, 2025, Abacus Market, the largest Bitcoin-enabled Western darknet marketplace (DNM), went offline, rendering all internet-facing infrastructure, including its clearnet mirror, inaccessible. TRM Labs assesses that the marketplace’s operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds. However, law enforcement may also have covertly seized the marketplace.

Abacus’s exit follows the June 16, 2025 law enforcement seizure of Archetyp Market, marking the latest in a series of shutdowns in the Western DNM ecosystem.

How the likely exit scam unfolded

In late June 2025, users began reporting withdrawal issues with Abacus Market, which typically indicates an impending exit scam. The marketplace’s administrator, known as ‘Vito’, responded on darkweb discussion forum Dread, claiming an influx of Archetyp users and a distributed denial of service (DDoS) attack were the reasons for the issues.

Despite this reassurance, most of the DNM community remained skeptical. This was reflected in the sharp decline in deposit volumes to Abacus between June and July, 2025. Between June 1 and June 27, 2025 average daily deposits to Abacus were USD 230,000 across 1,400 transactions. However, from June 28 to July 10, 2025, this dropped to USD 13,000 across just 100 deposits.

Abacus’s rise to the top of the Western DNM ecosystem

Abacus Market launched in September 2021 as Alphabet Market, before rebranding in November 2021. Although it served a global audience, it particularly focused on the Australian market, incorporating Australian cultural references into its marketing and recruiting an Australia-dedicated moderator. Abacus offered a wide range of illicit drugs, including stimulants, dissociatives, psychedelics, opioids, benzodiazepines, prescription medication, unlicensed pharmaceuticals, and cannabis-related products. Unlike competitors, such as Archetyp, DrugHub, ASAP Market, and Incognito Market, Abacus operated as a central deposit wallet, multisignature DNM that supported both Bitcoin and Monero.

Abacus’s market share adding up

Since its inception, Abacus Market has gradually increased its market share in the Western DNM ecosystem. In 2022, it ranked as the fourth largest Bitcoin-supporting Western DNM with 10% of market share, rising to 17% in 2023. In 2024, its share surged to over 70%, following ASAP Market’s voluntary closure in July, 2023 and the law enforcement seizure of Incognito Market in March, 2024.

In total, Abacus Market generated nearly USD 100 million in Bitcoin-enabled sales. However, considering that Monero — a privacy coin — typically accounts for two-thirds to three-quarters of total volume, Abacus’s sales are likely closer to between USD 300 million and USD 400 million.

The rise of Monero amid DNM decline

TRM Labs analysis shows that nearly half of the marketplaces launched in 2024 accepted only Monero — a sharp increase from just over one-third in 2023. This signals a growing preference among darknet operators for obfuscation and anti-surveillance tools. Cryptocurrency-enabled drug sales also grew by over 19% from 2023 to 2024, reaching nearly USD 2.4 billion in volume. During the same period, the number of newly launched darknet marketplaces declined 42% year over year — indicating that while the ecosystem is consolidating, remaining actors may be becoming more operationally advanced.

What’s behind this likely exit scam?

Dread’s administrator, Hugbunter — who was in close contact with the Abacus team — believes Abacus’s disappearance was not the result of a law enforcement action. In some cases, such as Nemesis Market’s exit, official seizure notices have appeared months after a DNM has gone offline. 

However, when a DNM collapses — especially a large and reputable market — its users typically migrate to the nearest available platform. For example, ASAP Market’s closure likely prompted its vendors and buyers to migrate to Abacus, as evidenced by a 20% increase in Abacus’s volume compared with the month before ASAP Market shut down. Furthermore, following Archetyp’s law enforcement seizure in June, 2025, many of its users flooded Abacus Market, leading to the latter’s largest ever monthly sales volume of USD 6.3 million in June 2025. 

Did Abacus’s success lead to its closure?

Abacus becoming the largest Bitcoin-enabled Western DNM may have inadvertently led to its closure. Marketplaces that reach the top of the ecosystem, in terms of volume, user base, listings, and reputation, often become priority targets for law enforcement. Archetyp’s recent takedown followed this pattern and likely influenced Abacus’s trajectory.

Faced with the decision between profit seeking and self preservation, Abacus’s admins likely chose the latter in light of Archetyp’s seizure and the surge in new users that elevated Abacus’s profile. Furthermore, after four years of operating and generating substantial profits, the admins likely lost motivation to continue and chose to exit the ecosystem to preserve their freedom and financial gains.

Previous DNM admins who either voluntarily exited, such as ASAP Market, Agora Market, and WhiteHouseMarket, or conducted exit scams, such as Evolution Market, while at the top of the ecosystem have yet to be apprehended by law enforcement.

The darknet ecosystem remains highly adaptive

Even as major darknet platforms fall, TRM Labs data shows that the ecosystem remains highly adaptive. Following the 2022 shutdown of Hydra Market, TRM identified new Russian-language darknet markets emerging that by 2024 accounted for more than 97% of global darknet drug revenues. Although some darknet operators, particularly of Western darknet marketplaces, have historically attempted rebrands or exit scams following law enforcement action, full-scale rebuilds appear to be becoming less common.

What’s next for Abacus

Abacus Market’s exit underscores the ongoing instability of Western DNM landscape. Sustained law enforcement pressure has stymied marketplaces’ development, curtailed innovation and increasingly driven users toward independent vendor shops and encrypted communication platforms like Telegram. It has also meant most new Western darknet marketplaces are generally low-effort projects, such as 3DogsMarket, Drugula Market and Squid Market, built using scripts and beset by security flaws, with the sole aim of generating quick profits before disappearing. 

Abacus’s demise marks a significant setback for the Western DNM ecosystem, leaving successors such as DrugHub, TorZon Market, and MGM Grand under increasing pressure to adapt. These platforms must now answer the same question as their ill-fated predecessors: pursue growth at the risk of disruption, or prioritize self-preservation in an increasingly hostile environment?

Will law enforcement continue targeting the largest DNMs?

While law enforcement typically continues to target the largest darknet marketplaces like Archetyp, it has moved away from multi-DNM takedowns such as 2014’s Operation Onymous. Instead, law enforcement agencies now appear to focus more closely on the vendors. Without vendors, darknet marketplaces cannot operate or generate profits, making them a more strategic enforcement target. 

Arresting vendors often has a greater disruptive impact than taking down DNMs. When a marketplace is shut down, vendors can typically migrate to other platforms. But when a vendor is arrested, their activity is disrupted across every DNM they operate on. As a result, law enforcement has adopted an intelligence-led enforcement strategy incorporating DNM takedowns into longer-term investigations rather than treating them as end goals.

Cases like Nemesis Market and Monopoly Market indicate that law enforcement agencies now prefer to take down DNMs without announcing it publicly — and potentially alerting vendors under investigation. This allows them to compile intelligence and make arrests at optimal moments. In the interim, many in the DNM community will assume the marketplace performed an exit scam and continue their activity on other platforms. This strategy was successfully tested in 2017’s Op. Bayonet/GraveSac, and has become the preferred method for disrupting the ecosystem.

As darknet marketplaces continue to disappear without warning, whether through exit scams or unannounced law enforcement operations, blockchain intelligence firms, such as TRM, remain a key component to help investigators. Such companies’ tools enable investigators to trace administrator wallets and follow illicit flows even after a marketplace goes offline. TRM will continue to closely monitor the evolving DNM landscape, including emerging platforms, vendor migration patterns, and on-chain activity, to support efforts to disrupt illicit actors and safeguard the broader crypto ecosystem.

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FAQs

What happened to Abacus Market?

Abacus Market — once the largest Bitcoin-enabled Western darknet marketplace — went offline in early July 2025. TRM Labs assesses the event was likely an exit scam, though a covert law enforcement seizure cannot be ruled out.

Why did Abacus Market gain popularity in Australia?

While not based in Australia, Abacus Market gained strong traction with local darknet users by embracing cultural references, supporting Australian vendors, and featuring a dedicated moderator from the region. These efforts helped it become one of the most active platforms among Australian users.

How did Abacus Market’s exit impact the darknet ecosystem?

Abacus’s collapse removed one of the most dominant players in the Western darknet market space — causing disruption across vendors, accelerating migration to other platforms, and increasing pressure on successors like DrugHub and TorZon Market to adapt in a rapidly changing environment.

Was Abacus Market taken down by law enforcement?

Although no seizure banner appeared, and darknet forum administrators claimed no enforcement action was involved, some users still speculate that law enforcement may have covertly shut down the site — a strategy seen in previous operations against darknet platforms.

What drove the sharp decline in Abacus Market activity before it disappeared?

In late June 2025, Abacus users reported withdrawal issues and decreasing trust in the platform. Daily deposits dropped by over 90% in the final weeks, despite reassurances from its administrator. This behavior was consistent with known exit scam patterns seen across other darknet markets.