Big Darknet Market for Stolen Cards Shuts Down After Making Over $ 1 Billion in Bitcoin – Bitcoin Featured News

The longest running market for stolen credit cards on the darknet has announced the closure of its services. The administrator of Joker’s Stash, founded in 2014, said the site would be torn down in February.

Over $ 1 billion Ranked at BTC ‘Over the Last Years,’ Claims Security Research Company

According to the announcement made through its forum, the administration called “Jokerstash” stated that it is “time for us to leave forever.” Stash users could spend their account balances until Feb. 15, before the administration went on to “wipe all our servers and backups.”

Jokerstash made it clear that they will “never open again.” However, the administration did not provide more details about the motivation behind the closure.

According to figures revealed by Gemini Advisory, the site has been one of the most profitable markets on the darknet. Over the past several years, Joker’s Stash generated more than $ 1 billion in bitcoin revenue (BTC), the report said.

Possible Reasons behind Market Closure

Although the announcement of the closure did not reveal details of the reasons behind the decision, Gemini Advisory has some theories. One of them is the recent spiral of bitcoin prices across the markets, as Jokerstash is an early bitcoin advocate. The company detailed:

This actor was already likely to be among the richest cybercriminals, and the spike may have multiplied their fortunes, earning them enough money to retire. However, the real reason behind this closure remains unclear.

However, the FBI and Interpol’s market pressure could have added some weight to the administrator’s decision. In 2020, law enforcement seized the web domains and blockchain addresses attached to Joker’s Stash. The administration also claimed to have acquired a coronavirus in October.

Over the past year, Gemini Advisory reported that the darknet market has added more than 40 million stolen card entries, most of them from physical transactions at a point of sale. In the meantime, online payment data came stolen from Magecart breaches or phishing incidents.

On January 12, news.Bitcoin.com reported that authorities in seven countries and Europol had co-located Darkmarket, one of the largest darknet markets. The action was taken after an alleged market operator was arrested in Germany.

What do you think of the revenue accrued by this dark market? Let us know in the comments section below.

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