Evolution Market disappears, admins reportedly make off with $12 million in Bitcoin

[Shawn Knight]

The Evolution Market, considered by many to be the most popular online drug and illegal merchandise marketplace since the original Silk Road, has mysteriously folded without a trace. Also gone are an estimated $12 million in Bitcoins according to some of the site’s former merchants.

As Krebs on Security reports, Evolution quickly emerged as the go-to marketplace for all sorts of contraband following the closure of Silk Road in October 2013 (and its spiritual successor just over a year later).

The site operated a bit differently than most, using an escrow system designed to instill trust between buyers and sellers. Because this system was managed in-house, it gave the site’s operators – known online as “Kimble” and “Verto” – unabated access to a wealth of nearly untraceable virtual currency.

Over the past few days, withdrawal requests were met with long delays which the mods said was a result of massive and unexpected withdrawal requests that couldn’t be satisfied all at once and that everything would be fixed within 24 hours. In hindsight, that request was likely them transferring all of the Bitcoins in escrow to their own personal wallets.

The entire site including the marketplace and community forum shut down before that 24 hours could elapse. Volunteer mods from the community have since taken to Reddit, claiming the masterminds have exit scammed (they essentially stole all of the money and split).

According to one anonymous site user, such a scam should probably have been expected. That’s because the two admins used to operate a site called Tor Carding Forum that specialized in credit card fraud. It is now defunct as well.

Image via Shutterstock

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https://www.techspot.com/news/60095-evolution-market-disappears-admins-reportedly-make-off-12.html

 

[hahahanoobs]

The whole concept of crypto-currencies was shady as fack. *shakes head*

 

[Evernessince]

Cryto-currency. It's greatest strength is that it isn't controlled by any government and cannot be tracked. It's ironic that people are now finding out that it is also it's greatest weakness.

 

[VitalyT]

Cryto-currency. It's greatest strength is that it isn't controlled by any government and cannot be tracked. It's ironic that people are now finding out that it is also it's greatest weakness.

The value of money is in being controlled and backed up by the government. Virtual currency was #ucked from the first day, trying to defeat the most basic concept around money, it will die instead, once people better understand that besides purely speculative, its value is zilch.

 

[Guest]

The difference between an online drug dealer from one on street is that the online version can’t use any kind of force against the personal freedom of the buyer. The buyer decide to visit that online store and buy that drug. Ex a drug dealer at street can force a woman in prostitution, an online dealer can’t do that. Suicide isn’t illegal, the true reason which makes many drugs illegal are those type of secondary social effects. So from this perspective of view the online drug stores it’s an “improvement” somehow.

 

[SirChocula]

I have to admit that these guys are smart. They know to shut an operation down before it gets too large and to leave too much evidence that would be enough to incriminate them. Greed is usually the downfall of many organizations but to make it off with a 12 million sum, they are using their brains.

 

[Skidmarksdeluxe]

I have to admit that these guys are smart. They know to shut an operation down before it gets too large and to leave too much evidence that would be enough to incriminate them. Greed is usually the downfall of many organizations but to make it off with a 12 million sum, they are using their brains.

But I was always told that crime didn't pay...
OK jokes aside, these jokers folded this business before the feds could latch onto it but they will leave some evidence and even if they didn't, the lure of easy money will be far too strong for them to resist so they'll pull exactly the same stunt again very soon, why change a winning formula? Eventually they'll trip up and then they'll be staring at some serious time.
The problem with 99% of these mastermind criminals is that they get to big for their britches and complacent.

 

[Skidmarksdeluxe]

So what about your local friendly street corner drug dealer thugs, are their days numbered now that you can buy this stuff in bulk online and have it FedEx'd to your door?

 

[Guest]

[sarcasm] Gee, I'm so surprised to read this news of Bitcoin and corruption [/sarcasm]

Actually, I should have just used my favourite new font, Sarcastica.

 

[captaincranky]

Yes siree Bob! It's stories like this that just make you want to take out a second mortgage, and buy enough coin mining rigs to fill up your garage...