A Bitcoin exit scam has hit the market, as administrators of a top deep-web marketplace have vanished overnight with over $12 million worth of Bitcons.

What is a Bitcoin?

A Bitcoin is a method of digital currency, held and created electronically online. Bitcoins are produced by people globally running computers, using software that solves mathematical problems. These are the first example of a category of money known as cryptocurrency.

bitcoin exit scamEvolution Marketplace was one of the largest deep-web sites online and what appears to be an exit plan has been exposed on Reddit by an admin from the Bitcoin website.

The user wrote “I hate to be the bearer of bad news, but I’ve been suspicious the past few days, I have admin access to see parts of the back end, the admins are preparing to exit scam with all the funds. Not a single withdrawal has gone through in almost a week.” They then went on to state that they personally had around $20,000 in Bitcoin in escrow on the website.

The owners of the website then confirmed the scam and less than one hour later the website had vanished.

Hundreds of users turned to Redit to stress their frustration on the scam, with one user now threatening to post the thieves identities online so that users can seek revenge.

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