Following the shutdown of another prominent dark web marketplace, the Wall Street Market has also shut down, with $14.2 million in customer funds lost, as reported on April 23, 2019.
The Great Shutdown
One of the biggest ongoing tasks for the crypto community is the shedding of its image as being a hub for criminals.
Despite their popularity, authorities are working hard to crack down on such marketplaces. Just a month after one of the oldest and most powerful dark web markets was shut down, another dark web market has also been shut down as reported on April 23, 2019.
The Wall Street Market is shutting down after an exit scam in which $14.2 million in user funds were stolen.
The funds in question belong to various criminals selling illegal items over the Internet. Following the closure of the Wall Street Market, the T.chka market is now the only major marketplace on the dark web.
Prior to the reportedly long-winded scheme, the Wall Street Bitcoin wallet worked as an escrow system whereby users would deposit funds to be held while awaiting their goods and services from sellers.
However, it was reported that last week the admins of the marketplace had encountered some difficulties with the service providers of the wallet. Ultimately, customers couldn’t make withdrawals on the platform.
This drew complaints and criticisms from customers but so far, it appears the money is gone and management will not be returning it to any of them. Warnings have since been circulating on the Internet cautioning users from conducting any business with the Wall Street Market. On top of this, marketplace users are being blackmailed by the support staff of the market to pay them or have their information leaked to the public and law enforcement.