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

Major Stolen Card Darknet Marketplace Joker's Stash Shuts Down After Making a Bitcoin Billionaire Fortune in Revenues

The longest-running marketplace for stolen credit cards
on the darknet has announced the shutting down of its services. The
administrator of Joker’s Stash, founded in 2014, stated that the
site would be taken down in February.

Site Generated Over $1 Billion in BTC ‘Over the Past
Years,’ Claims a Security Research Firm

According to the announcement
made
through its forum, the admin known as “Jokerstash”
stated that “it’s time for us to leave forever.” Stash’s
users could spend their account balances until Feb. 15, before the
admin proceeds to “wipe all our servers and backups.”

Jokerstash made it clear that they will “never ever open
again.” However, the admin didn’t provide more details on the
motivation behind the closure.

According to the figures revealed by Gemini
Advisory
, the site has been one of the most profitable
marketplaces on the darknet. Over the past years, Joker’s Stash
generated more than $1 billion in bitcoin (BTC) revenue, said the
report.

Possible Reasons Behind the Marketplace’s Closure

Although the closure’s announcement didn’t reveal details on
the reasons behind the decision, Gemini Advisory has some
hypotheses. One of them is the recent bitcoin’s price spike
across the markets, as Jokerstash is an early bitcoin advocate. The
firm detailed:

This actor was already likely to be among the wealthiest
cybercriminals, and the spike may have multiplied their fortune,
earning them enough money to retire. However, the true reason
behind this shutdown remains unclear.

However, the FBI and Interpol’s pressure on the marketplace
could have added some weight to the admin’s decision. In 2020,
law enforcement seized the web domains and blockchain addresses
tied to Joker’s Stash. The admin also claimed to have caught
coronavirus in October.

Over the past 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.
Meanwhile, stolen online payment data came from Magecart breaches
or phishing incidents.

On Jan. 12, news.Bitcoin.com
reported
that the authorities in seven countries and Europol
jointly took down Darkmarket, one of the largest darknet
marketplaces. The action was taken after the marketplace’s
alleged operator was arrested in Germany.

What do you think about the revenues accumulated by this
darknet marketplace? Let us know in the comments section
below.

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Translator / 翻译者 / Traductor