Fun

Millions in BTC, XMR possibly stolen after reports of darknet market ‘exit scam’

News Feed - 2024-03-06 10:03:02

Felix Ng7 hours agoMillions in BTC, XMR possibly stolen after reports of darknet market ‘exit scam’Incognito Market, a darknet marketplace for narcotics trading, has reportedly exit-scammed its users of their BTC and XMR.2661 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUsers of a major darknet marketplace say they’ve been unable to withdraw Bitcoin (BTC) and Monero (XMR) as of Tuesday, March 5, amid growing fears of an “exit scam.”


The marketplace — Incognito Market — is known mainly as a platform to trade narcotics and is valued between $10 million to $30 million, according to cyberthreat intelligence provider Dark Web Informer.


Accusations from users began to build against the marketplace’s administrators on March 5 after warnings from users that their crypto withdrawals were failing.Screenshot of a Dread forum user warning of an exit scam. Source:Dark Web Informer/X


The reports even saw a response from Incognito’s administrator “Pharoah” who posted on the Reddit-like darknet-based site Dread to assure users the issues were merely due to changes in Incognito’s withdrawal systems.


“Please note that the initial stages of this upgrade may briefly affect usability in the first few days since the servers are multitasking on both old data synchronization and new requests,” they said.Dark Web Informer on X


However, continued reports of withdrawal issues, followed by a Dread post from a known dark web security sleuth and administrator, have now seemingly confirmed the “exit scam.” 


In a Dread post, Hugbunter claimed they had been in discussion with “Pharoah” where they were eventually offered a “bribe” to remove any Dread posts about Incognito.“Unfortunately, I can 100% confirm the exit scam now.”


“My warning here will not make a difference to funds already lost to Incognito, but hopefully, this will be enough now to try and ensure users stay clear and avoid losing more,” added Hugbunter.Hugbunter also posted the warning on Reddit. Source: Reddit


The alleged exit scam comes amid a Bitcoin rally that has seen the cryptocurrency clear its previous all-time high of $68,990, notching a new one at just above $69,200.


Related:Darknet market crypto crimes on the rise in 2023, $1.7B revenue — Chainalysis


Monero has also gained in the past week, reaching a 7-day high of $151.74, though it has since fallen to $142.01 at the time of publication.


In late February, the Chainalysis 2024 Crypto Crime Report revealed that darknet marketplaces received revenue of at least $1.7 billion in 2023 — a rebound from its 2022 data when authorities shut down the world’s largest darknet marketplace, Hydra.


While no single marketplace replaced Hydra, the report revealed that smaller marketplaces are thriving by serving specific niches and developing more “specialized roles.” Chainalysis highlighted Mega Darknet Market leading the pack with over $500 billion in crypto inflows.


Asia Express: $383M for HK crypto hub, APAC exchanges expand, Digital Yuan bridge# Bitcoin# Altcoin# Darknet# Dark Markets# Monero# Dark WebAdd reactionAdd reaction

News Feed

Free Talk Live Co-Host Ian Freeman Found Guilty in Federal Crypto Trial
Free Talk Live Co-Host Ian Freeman Found Guilty in Federal Crypto Trial After close to two years, following the U.S. federal government accusing the Crypto Six of unlicensed money
Deutsche Bank Expects Sooner, More Severe US Recession as the Fed Takes ‘Aggressive Hiking Path’
Deutsche Bank Expects Sooner, More Severe US Recession as the Fed Takes "Aggressive Hiking Path" Deutsche Bank has updated its recession forecast. The bank’s economists now
With OpenAI’s New Programming Agent Making Headlines, Here’s Why MIND of Pepe Is DeFi’s Best AI Agent
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says
Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says Digital financial assets like cryptocurrencies can help Russia to reach the global financial market d
Main Opposition Candidate for President of South Korea Pledges Support for Crypto Tax Exemptions
Main Opposition Candidate for President of South Korea Pledges Support for Crypto Tax Exemptions The leading presidential candidate of the opposition in South Korea has promised vo
Boom Or Bust? Dogecoin Awaits Critical Signal, Says Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals
Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals The Central Bank of Russia (CBR) plans to obtain information from commercial banks pertaining to s
Helen Partz10 hours agoCrypto-friendly Robinhood inches closer to UK with local CEO appointmentRobinhood has been planning its expansion into the United Kingdom since 2019, but the project has faced multiple delays.2694
US Senator Says Too Many Crypto Firms Are Able to Scam Customers — Urges SEC to Regulate
US Senator Says Too Many Crypto Firms Are Able to Scam Customers — Urges SEC to Regulate U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to s
Bank of Russia Registers Another Digital Asset Issuer
Bank of Russia Registers Another Digital Asset Issuer The Central Bank of Russia has added another entity to its register of authorized issuers of digital financial assets. The pla
Ethereum ETF process is ‘going smoothly,’ says SEC’s Gensler
Jesse Coghlan2 hours agoEthereum ETF process is ‘going smoothly,’ says SEC’s GenslerSEC Chair Gary Gensler didn’t comment on when his agency would approve Ether ETFs for trading, but analysts predict it could be
Investor Sues Korean Crypto Exchange for Delaying Coin Transfer Before Luna Crash
Investor Sues Korean Crypto Exchange for Delaying Coin Transfer Before Luna Crash A cryptocurrency investor has reportedly sued South Korean crypto exchange Upbit after the trading