![]() ![]() However in 2019 during an onslaught of distributed denial of service (DDoS) extortion attacks targeting cybercrime marketplaces, Dread managed to maintain their uptime and share mirror links for other markets. This is owed partially to Reddit’s ban of fraud related subreddits in March 2018. Since launching in February 2018, Dread has become a centralized messaging platform for cybercrime markets. ![]() Chat also eliminates the prospect of coping with losses from a marketplace exit scam. ![]() However, vendors have the advantage of side-stepping marketplace commissions and vendor bonds through off-band communications. Chat does not provide an escrow feature, creating higher risk for illicit trade. Chat channels for dedicated communications like drugs, carding, and fraud, provide security by default with the benefits of almost instantaneous communications. ![]() The proliferation of mobile technology and encrypted messaging applications like Telegram, created new venues for fraud. Further, these marketplaces already weathered additional technological and social changes in the cybercrime ecosystem. While markets like Silk Road and AlphaBay competed by providing additional features that supported privacy and anonymity, Dream and Wall Street competed by having established user bases. Vendors and customers were hesitant of new entrants for fear that they were law enforcement honey pots. Empire’s creators even included a memoriam to AlphaBay’s late founder and developer with the message, “In Memory of Alexandre Cazes.” Rival EmpiresĮmpire initially competed with other illicit cybercrime marketplaces, like Dream and Wall Street, that pre-dated the AlphaBay and Hansa takedowns. The name was changed in February 2018 in order to avoid confusion with the rival Omega Market. The administrators created Empire as an homage to AlphaBay, originally launching as “OmegaBay.” The market used the same source code as AlphaBay and mimicked the layout in style and design. This operation 3 demonstrated that law enforcement may capitalize on the confusion following a takedown in order to sow distrust with marketplace administrators.Įmpire launched in January 2018 with the intention of establishing itself as the premiere venue of illicit products and services, including drugs and fraud related goods. AlphaBay migrants were scooped up as they attempted to establish new accounts on Hansa. In 2017, law enforcement seized AlphaBay in a coordinated operation with the Dutch police who had already taken over administration of Hansa. Within a short period of time, the market established a solid user base of 400,000 unique customer accounts. AlphaBay launched in 2014, and instituted technological improvements to enforce security and build trust, like accepting privacy focused cryptocurrencies. Many marketplaces attempted to capture the enthusiasm of Silk Road, while avoiding their administrators’ sentencing. However, the publicized revenue from the market continued to attract individuals wishing to establish new venues. The takedown provided a warning to future marketplaces that their operations may not be completely anonymous. 1 In 2013, Silk Road was taken down by a law enforcement operation, which resulted in the marketplace administrator receiving a double life sentence, as well as the prosecution of the moderators. Silk Road is often considered the prototypical market, in that it created the modern template for listings, anonymous payments, escrow services, and community driven forum. Over a hundred markets preceded Empire Market. The shutdown marks one of many cybercrime marketplace closures within the last few years, leaving security professionals and law enforcement to ask “what’s next?” Where will users migrate, and how will they use technology to better ensure privacy or security in the instance of an exit scam, or a takedown. Reports indicate that the Empire moderators absconded with approximately $30 million in cryptocurrencies, including Bitcoin (BTC) and Monero (XMR). Public reporting of the goods and services on these markets has attracted vendors and customers, but also resulted in increased law enforcement attention. Previous notable marketplace takedowns like Wall Street Market in 2019, and AlphaBay and Hansa Market in 2017 have caused vendors and customers to pause, take stock of their cryptocurrencies, and wait for a takedown notice. On August 22, 2020, Empire Market shuttered their illicit operations. ![]()
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