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Sheep Marketplace Scam Revealed, $40 Million Stolen

  1. Docta
    Bitcoin and online drug markets seem to fit together perfectly and unfortunately, sometimes they are “too good” to be true. While there are handful of these sites which still appear to be legitimate and not based around a scam, a growing number of illegal drug marketplaces are randomly shutting down and taking millions in Bitcoins with them.

    Following the Silk Road shutdown, a new site named Sheep Marketplace became a leading online drug marketplace and quickly grew into a replacement for the Silk Road. Many users continued to use Sheep Marketplace even after a new version of Silk Road was launched earlier this month.

    Now, it appears as though the entire site was a scam, resulting in all of the buyers and sellers losing their money. According to users of the site which have been posting primarily on Reddit, Sheep Marketplace appeared to be functioning in an odd way for at least a week. Concerns regarding the legitimacy of the site came into play once the administrators at the marketplace decided to prevent vendors from withdrawing any of their Bitcoins from the site.

    With many of these vendors seeing sales in the tens of thousands each month, being unable to withdraw that money was causing people to become worried, especially with how much money was lost after the Silk Road was brought to its knees. As more and more vendors posted about their suspicions, the entire Sheep Marketplace Forum was shutdown.

    Even though the events leading up to today seemed to confirm that Sheep Marketplace was scamming its users, the smoking gun appears to have been found. Blockchain (a site which monitors Bitcoin transactions) has been tracking the movement of 39,918 Bitcoins, which is equivalent to $40 million. This is the same amount of money that was expected to be in Sheep Marketplace’s possession and the addresses present on this transaction match those of the website.

    This means that more than $40 million worth of Bitcoin was stolen from users of the Sheep Marketplace.

    Despite the transaction being just a fraction of the Bitcoins that are in circulation, it does show how risky these online drug marketplaces are. Though they may provide a safe haven for criminals, Sheep Marketplace and any other illegal shop that relies on Bitcoins is almost always going to be a potential scam. Some of the current illegal shops in operation, such as Silk Road 2.0, appear to be “safer” but as we have now seen with
    the Sheep Marketplace, Bitcoins are the perfect currency for scammers.

    Seth Fitzgerald | On 30, Nov 2013


  1. trdofbeingtrd
    Yeah, nothing better for scammers then a business that the customers won't call the cops about theft of thier money.

    It's kind of hard to understand how people can have the knowledge of how to access these "dark interwebs" sites but have not read how exactly Silk Road was compromised. I have and never had a desire to be risky and buy anything online, but, if I were to be like that I sure in the hell would not do it after I found out a mirror site was put up by officers......anywhere....any site. Bit coins can't be that damn safe, kind of like a legal high being safe.
  2. cbabycee
    Im gonna be honest, getting your drugs delivered by the postman tho, wow what a buzz ;)

    and as for the knowledge, took me 30 mins of reading of how to get on there, its all on the web... its not too hard... and really as long as your ordering personal amounts... its probably safer than buying off the street... Im not condoning it all, but I never had a bad experience tbf.
  3. Ghetto_Chem
    ^^It all depends on who you are. I know that I'm safer to buy in person because I am completely confident in my abilities to control almost all aspects of the purchase. I can meet in a safe place instead of praying to god that it doesn't get detected in the mail. I can test my drugs, or examine them and use my knowledge to determine whether they are of the quality I'm interested in. If at any time I get even a whiff of sketchiness I can back out, its kind of hard to tell whether someones sketchy or not over the internet.

    I'd have to say the whole mail thing is what gets me the most. I can't stand that feeling when the package doesn't show up on time and your thoughts start to race about all the worst case scenarios.

    Not only all of that but purchasing in person is much harder to trace, its much easier to avoid leaving a trail of evidence. If your smart.

  4. whatstheproblem
    i really dont understand how people can say its safer than buying on the street. most of the time if your buying "harder" drugs you probably know your connect at least a little bit from a friend or you know them very well.

    Most of the time when you hear about violence going on, its either when you different gangs are involved or its a really big deal. alot of money and alot weight. and if your in that side of the game, you realize that shit can go down and your usually prepared for that type of situation. someone just trying to score a little bag is for the most part gonna be fine

    even if your going on the street cold turkey, just trying to hook up from whoever, at any moment you feel the situation is not right, you can back out of it. once the mail process is going, who knows whats gonna happen and who's gonna show up at your door.

    im just not computer savvy enough and way too paranoid for that esp these days with so many scams out there that look like the real deal. you dont know who's real and who's not
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