GREY MARKET EXIT SCAM

Markets

Even though users had complained that mirrors on the site had not worked for a while, an admin of the site has shared that they have had to shut down operations due to stealing from a now rogue co-admin



Grey Market, which happens to be one of new markets that popped up on the dark web recently exit scammed, declaring a loss to user and vendor monies.

In a message shared on Dread by one of the market’s co-administrators, the reason for the exit scam was due to the fact that they are currently unable to pay customers and continue operations. This they attribute to another administrator stealing money for cold storage while the rest of the team was under a serious DDOS attack and making away with said funds.

The message read,

As you know last few weeks we had bad DDOS attack so while we were very busy to fight, Billy (admin-turned thief) took his chance and stole all money from cold storage. Few days later we had to stop market because we can’t pay back.

He added that there is an ongoing search for the escaped thief and that they are exhausting all avenues to return as much money as they can if given the time.

He said,

If everything is good we will be back in a few month’s time with new DDOS and scam proof market we will try to make multisig escrow as simple as possible other ways are not safe for vendors and customers.

Prior to this, it was reported that the market was facing some downtime due to a rather persistent DDOS attack before the Christmas season and even some days after. Reports from users indicate however, that navigating the site using vendor mirrors became obsolete a little after Christmas.

This exit scam does not appear to surprise many in the darkweb market community, some of who have expected this turn out for a while now


This has raised some conversation around users and many others have speculated about the genuine reason for the exit scam. Some have said that the information given to the public by the admin is backed by some actions the market took shortly after, which included stopping new transactions some days before the DDOS attack; a move which some users interpreted as meaning they did not intend on initiating a scam. Others have also expressed dissent saying that this appears to be deliberate work, claiming that there is some misinformation at play.

Dark.fail reported earlier in November of last year that a team member operating on the site shared that the market had been seized, pending confirmation from an administrator who later said that the market’s server had not be compromised at all and the market has been not been seized.

Grey Market has been at the targeted end of a series of massive DDOS attacks along with other sites staged by a rather feared entity who is largely successful in shutting down .onion sites. Though small, the market operated without wallets, and allowed users to purchase items and services available individually, shielding them from the risk of having their wallets compromised.

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