Today in crypto, Abacus Market, a Bitcoin-powered darknet marketplace, has gone offline amid possible law enforcement pressure. Kazakhstan’s sovereign wealth fund is reportedly considering cryptocurrencies as a viable asset class for its national reserves, and Ripple told Cointelegraph that it intends to pursue a MiCA license.
Bitcoin-fueled darknet marketplace vanishes in possible exit scam
Abacus Market, the largest Bitcoin-powered Western darknet marketplace, has gone offline in an apparent exit scam.
Its website and infrastructure, including its clearnet mirror, are inaccessible, TRM Labs said in a report on Monday. The disappearance has led TRM to believe the “operators have likely conducted an exit scam, shutting down operations and disappearing with users’ funds.”
TRM Labs said the closure could be the result of attention from law enforcement, as Abacus Market clocked a monthly record after the closure of Archetyp Market, one of the longest-running dark web marketplaces, in mid-June.
In late June, users began reporting withdrawal issues, which prompted the Abacus administrator known by the handle “Vito” to assure users that the problems were merely a result of an influx of new people and a distributed denial-of-service attack.
“This behavior was consistent with known exit scam patterns seen across other darknet markets.”
Kazakhstan wealth fund, gold, FX reserves to be invested in crypto — Report
Kazakhstan’s sovereign wealth fund has reportedly identified cryptocurrencies as a viable asset class for inclusion in the country’s national reserves, with the central bank drawing lessons from allocation strategies used in Norway, the United States and the Middle East.
According to Kursiv, a local media outlet registered with Kazakhstan’s Ministry of Information, the country plans to invest a portion of its gold and foreign exchange reserves — as well as assets held by its sovereign wealth fund — into crypto-related instruments.
Kursiv cited Timur Suleimenov, head of the National Bank of Kazakhstan, who said at a press conference that the central bank is exploring “aggressive strategies to [generate] higher investment income,” which “does not exclude” allocating part of its holdings to crypto-related funds.
Suleimenov pointed to Norway’s sovereign wealth fund, the US government’s digital asset holdings and initiatives in the Middle East as potential models.
These authorities “have certain investments either in crypto assets directly or in [exchange-traded funds] and shares of companies that are closely related to crypto assets,” said Suleimonov.
The central bank chief also stated that Kazakhstan aims to establish a national crypto asset reserve using digital assets confiscated by law enforcement agencies.
Ripple confirms intention to pursue MiCA license for EU expansion
Ripple told Cointelegraph it will apply for a MiCA license to expand its crypto and stablecoin operations across the European Economic Area.
A Ripple spokesperson said the company intends “to become MiCA-compliant” as it recognizes “significant opportunity in the European market.”
The statement follows Ripple’s registration of Ripple Payments Europe S.A. in Luxembourg in late April.
On Tuesday, industry media outlet Ledger Insights reported that the company had applied for an electronic money institution license in Luxembourg. Ripple refused to confirm or deny the report, saying only that the firm does not “have any updates to provide currently.”
