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- Incognito Market faces withdrawal issues and exit scam allegations.
- Dark web sleuth confirms exit scam amid Bitcoin rally.
In the shadowy recesses of the darknet, a major marketplace known as Incognito Market has recently come under scrutiny. This platform, predominantly utilized for narcotics trade, has become a focal point for controversy due to sudden withdrawal issues reported by its users.
The marketplace, valued between $10 million to $30 million, is now at the center of exit scam allegations, sending ripples of concern throughout its user base.
🚨WARNING🚨Many users on Incognito Market are having BTC and XMR withdrawal issues. I will update this thread if Incognito admins update or receive another update from HugBunter. #Incognito #IncognitoMarket #DarkWebInformer #Cybersecurity #Cyberattack #Cybercrime #Darknet pic.twitter.com/kZIBaquIVU
— Dark Web Informer (@DarkWebInformer) March 4, 2024
Withdrawal Woes and Accusations
On Tuesday, March 5, the darknet community was stirred by reports from Incognito Market users who found themselves unable to withdraw Bitcoin and Monero. These incidents quickly escalated into accusations against the site’s administrators, fueling fears of a potential exit scam. Such scams, where site operators suddenly close down and abscond with users’ deposited funds, are not unheard of in the clandestine corners of the internet.
In response to the mounting allegations, Incognito’s administrator, known by the pseudonym “Pharoah,” took to the darknet-based platform Dread, akin to Reddit, to assuage users’ fears. Pharoah attributed the withdrawal difficulties to a recent overhaul of the site’s withdrawal systems. They cited the “initial stages of this upgrade” as the cause of temporary usability issues due to server multitasking.
pharoah from Incognito Market has provided the following in regards to BTC and XMR issues. #Incognito #IncognitoMarket #DarkWebInformer #Cybersecurity #Cyberattack #Cybercrime #Darknet https://t.co/bzSCqTlXiW pic.twitter.com/W43nxIPNBC
— Dark Web Informer (@DarkWebInformer) March 4, 2024
Confirmation of an Exit Scam
Despite these reassurances, the situation deteriorated as continued withdrawal problems persisted. The concerns were further compounded by a Dread post from a renowned dark web security expert, Hugbunter.
Hugbunter revealed a conversation with Pharoah, wherein they were purportedly offered a bribe to delete negative posts about Incognito Market from Dread. This revelation led Hugbunter to confirm the allegations of an exit scam unequivocally. For a deeper dive into these developments, you can check this Youtube video.
Bitcoin Rally Coincidence
Amidst this turmoil, the cryptocurrency world witnessed a significant event as Bitcoin surged past its previous all-time high, setting a new record just above $69,200. This rally added an intriguing backdrop to the unfolding drama around Incognito Market, highlighting the volatile intersection of cryptocurrency and darknet marketplaces.
On the other hand, Ledger has cautioned XRP holders about rising scam efforts involving bogus airdrops, as formerly reported by Crypto News Flash, adding another layer of caution to the digital currency landscape.
At the time of writing, the price of BTC had fallen 0.80% in the last 24 hours, fell to price of $66,093.56. But, this represents an increase of 14.45% over the past 7 days.
No coins selectedMeanwhile, the price of XMR has also dropped by 1.22% in the last 24 hours but remains up by 6.37% over the past 7 days, currently sitting at $147.83.
