East India Company: Another Exit Scam?
Seems like its the season of small exit scams, previously, a market would wait until it reaches a certain size, or accumulated a certain amount of BTC before pulling the plug and diving with everyone’s money, nowadays it seems that it just happens with the first deposit (THUG Market) or once the market manages to generate at least minor amount of popularity (EIC, allegedly).
Maybe its the relative stability of the current major markets, Alphabay (1#) & Nucleus (2#) which dominate the market and hold new markets back from getting any significant traffic until the admins just say “fuck the risk” and take whatever they can, but nobody knows for sure.
Anyway, it seems that this time it was East India Company – a market that was hacked/exploited back in august, losing 30BTC and which we had ranked as the 14th most popular market back in November, and gained some popularity since then by implementing multisig and promoting itself, mostly on Reddit, as an exit-scam proof market (while still enabling regular escrow deposits and having only minor amount of its users using the multisig option, as reported by several vendors).
For now, the market is unreachable for the past ~77 hours without any word from the admins while some reports surfaced on Reddit about coin being drained from their addresses.
Is it really gone? exit scammed? will be back within couple of weeks? time will tell, for now we’ll just assume they are another example for the dark net markets most profitable industry – exit scams. This post will be updated if new information will surface.