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

Major Darknet Marketplace for Stolen Cards Shuts Down After Making Over  Billion in Bitcoin – Featured Bitcoin News

The longest-running marketplace for stolen credit cards on the Darknet has announced the end of its services. The administrator of Joker’s Stash, which was founded in 2014, announced that the site would close in February.

BTC has generated over $ 1 billion in BTC in the past few years, claims a security research firm

According to the announcement on its forum, the administrator known as “Jokerstash” stated, “It is time for us to go forever.” Stash users will have until February 15th to check their balance before the administrator “deletes all of our servers and backups”.

Jokerstash made it clear that they “will never open again”. However, the administrator did not provide any details on the motivation for the closure.

According to Gemini Advisory, the website was one of the most profitable marketplaces on the darknet. In recent years, Joker’s Stash has had Bitcoin (BTC) sales of more than $ 1 billion, the report said.

Possible reasons for the marketplace closing

Although the closure announcement did not reveal details of the reasons behind the decision, Gemini Advisory has some hypotheses. One of them is the recent rise in the price of bitcoin in the markets as Jokerstash is an early proponent of bitcoin. The company details:

This actor was probably one of the richest cybercriminals by now, and the top may have multiplied their fortunes and made enough money for them to retire. However, the real reason for this shutdown remains unclear.

However, pressure from the FBI and Interpol on the market could have given the administrator’s decision some weight. In 2020, law enforcement officials seized the web domains and blockchain addresses associated with Joker’s Stash. The administrator also claimed to have caught coronavirus in October.

Last year, Gemini Advisory stated that the darknet marketplace added more than 40 million new stolen card records, most of them from physical transactions at a point of sale. In the meantime, stolen online payment information came from Magecart violations or phishing incidents.

On January 12, news.Bitcoin.com reported that authorities in seven countries and Europol jointly abolished Darkmarket, one of the largest darknet marketplaces. The measure was taken after the alleged operator of the market in Germany was arrested.

What do you think of the revenue that this darknet marketplace generates? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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