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Main Darknet Market for Stolen Playing cards Shuts Down After Making Over $1 Billion in Bitcoin

01/20/2021
Major Stolen Card Darknet Marketplace Joker's Stash Shuts Down After Making a Bitcoin Billionaire Fortune in Revenues

The longest-running market for stolen bank cards on the darknet has introduced the shutting down of its companies. The administrator of Joker’s Stash, based in 2014, acknowledged that the positioning can be taken down in February.

Website Generated Over $1 Billion in BTC ‘Over the Previous Years,’ Claims a Safety Analysis Agency

Based on the announcement made by means of its discussion board, the admin often called “Jokerstash” acknowledged that “it’s time for us to depart endlessly.” Stash’s customers might spend their account balances till Feb. 15, earlier than the admin proceeds to “wipe all our servers and backups.”

Jokerstash made it clear that they may “by no means ever open once more.” Nevertheless, the admin didn’t present extra particulars on the motivation behind the closure.

Based on the figures revealed by Gemini Advisory, the positioning has been some of the worthwhile marketplaces on the darknet. Over the previous years, Joker’s Stash generated greater than $1 billion in bitcoin (BTC) income, stated the report.

Doable Causes Behind the Market’s Closure

Though the closure’s announcement didn’t reveal particulars on the explanations behind the choice, Gemini Advisory has some hypotheses. One in every of them is the current bitcoin’s worth spike throughout the markets, as Jokerstash is an early bitcoin advocate. The agency detailed:

This actor was already more likely to be among the many wealthiest cybercriminals, and the spike could have multiplied their fortune, incomes them sufficient cash to retire. Nevertheless, the true motive behind this shutdown stays unclear.

Nevertheless, the FBI and Interpol’s strain on {the marketplace} might have added some weight to the admin’s choice. In 2020, legislation enforcement seized the net domains and blockchain addresses tied to Joker’s Stash. The admin additionally claimed to have caught coronavirus in October.

Over the previous yr, Gemini Advisory acknowledged that the darknet market added greater than 40 million new stolen card information, most of them from bodily transactions at a point-of-sale. In the meantime, stolen on-line fee information got here from Magecart breaches or phishing incidents.

On Jan. 12, information.Bitcoin.com reported that the authorities in seven international locations and Europol collectively took down Darkmarket, one of many largest darknet marketplaces. The motion was taken after {the marketplace}’s alleged operator was arrested in Germany.

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