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The main Darknet market for stolen cards shuts down after earning more than $1 billion in Bitcoin – Featured Bitcoin News

The longest-running credit card theft market on the dark web announced the closure of its services. The administrator of Joker’s Stash, which was founded in 2014, said the site will be shut down in February.

A security research company claims that the site has generated more than $1 billion in BTC in the past few years

According to an announcement posted on his forum, the administrator named “Jokerstash” said: “It’s time for us to leave forever.” Stash users can spend their account balance before February 15th, and then the administrator To continue to “wipe all our servers and backups.”

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

According to data disclosed by Gemini Advisory, the website has always been one of the most profitable markets on the dark web. According to the report, in the past few years, Joker’s Stash has generated more than $1 billion in Bitcoin (BTC) revenue.

Possible reasons for market closure

Although the closing announcement did not reveal details about the reasons behind the decision, Gemini Advisory still has some assumptions. One of them is the recent surge in the price of Bitcoin across the market because Jokerstash was an early Bitcoin advocate. The company details:

The actor may already be one of the wealthiest cybercriminals, and this peak may double their wealth, earning them enough money to retire. However, the real reason for the closure is unclear.

However, the FBI and Interpol’s pressure on the market may increase the administrator’s decision. In 2020, law enforcement agencies seized web domains and blockchain addresses related to Joker’s Stash. The administrator also claimed to have contracted the coronavirus in October.

In the past year, Gemini Advisory pointed out that the dark web market has added more than 40 million new stolen card records, most of which came from physical transactions at the point of sale. At the same time, the stolen online payment data comes from Magecart’s violations or phishing incidents.

On January 12, news.Bitcoin.com reported that the authorities of seven countries and Europol jointly conquered the dark market, one of the largest darknet markets. The alleged operator in the market took action after being arrested in Germany.

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

Picture Credits: Shutterstock, Pixabay, Wiki Commons

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