Mysterious Dark Web Wallet Linked to Defunct Market Moves $144 Million in Bitcoin

Recently, a long-dormant Bitcoin wallet linked to the now-defunct dark web marketplace Abraxas transferred almost $144 million worth of Bitcoin to a mixing service. 

This new development has sparked curiosity and rumors in the cryptocurrency world and among enthusiasts. 

Before unexpectedly ceasing operations in 2015, Abraxas was a significant dark web trading hub. 

The platform lets users buy and sell illegal items and services like narcotics, stolen data, and weapons while maintaining their anonymity by using cryptocurrencies like Bitcoin as a means of payment. All funds held by buyers and sellers vanished when Abraxas abruptly went offline.

ZachXBT, a blockchain analyst, claims that the recently active wallet associated with Abraxas combined a staggering 4,800 bitcoins—worth about $144 million at the time of writing—into a single transaction. After that, a sizable sum was delivered to ChipMixer, a cryptocurrency tumbler or mixer hiding digital payments’ origins.

However, experts say bitcoin mixing services are regularly abused by criminals to conceal payments for unlawful operations and launder money. 

This information has led to discussion about who is in charge of the Abraxas-connected wallet and their reasons for shifting the dormant funds after a long period of inactivity.

Moreover, some speculate that the transfer may be a sign that former Abraxas employees are cashing in gains years after the dark web company shut down. Others speculate that police enforcement may have long since taken the wallet and are now hiding the money’s true source.

This unexpected development also occurs as regulatory crackdowns on cryptocurrency mixers increase in the US as authorities work to curb crimes involving digital assets. The people behind this significant and enigmatic dark web market transaction are still unknown.

However, on March 17, 2022, the United Kingdom’s National Crime Agency called for the regulation of crypto mixers because the way criminals are using them to avoid detection when laundering funds through cryptocurrencies was getting out of hand.

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Written by C.L Martin

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