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Crypto News

$144M Bitcoin Stash from Abraxas Darknet Market Surfaces After Years of Dormancy

Author

Jay Solano

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Tags Editor's Choice / Slider Posts

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2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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A notable transaction of 4,800 Bitcoins originating from the defunct darknet marketplace Abraxas has raised eyebrows in the crypto community. As reported by onchain analyst Zachxbt on the rebranded social platform X (previously known as Twitter), these bitcoins, valued at a whopping $144 million, have been transferred to a bitcoin mixing service after remaining inactive since the platform’s abrupt closure in 2015.

Abraxas, which started its darknet operations around the same time as other infamous marketplaces like Alphabay and Agora in December 2014, shuttered its doors under dubious circumstances a year later. On the fateful day of its exit scam in November 2015, the Bitcoin exchange rate stood at $386. The approximate worth of the absconded bitcoins was a mere $1.85 million then, illustrating the immense appreciation of the cryptocurrency over the years.

The abrupt closure of Abraxas, closely followed by Agora’s shutdown, set off a ripple effect in the darknet ecosystem. Users and vendors found themselves in a frenzied scramble to relocate to new platforms. This scramble, however, was fraught with risk as several emergent platforms opportunistically scammed their users. Alphabay was one of the beneficiaries of this tumultuous phase, rapidly establishing itself as the premier darknet marketplace. This reign was short-lived, with the platform falling under the hammer of law enforcement in July 2017.

The sudden movement of the Abraxas bitcoins has rekindled memories of the platform’s controversial past. While the exact reason for this sudden transaction remains shrouded in mystery, what is abundantly clear is the staggering appreciation in the value of the Bitcoins, now worth $142 million more than their valuation in 2015.