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Offlineeve69
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$40,000,000.00 in Bitcoins stolen
    #19211471 - 12/01/13 08:05 AM (10 years, 2 months ago)

http://www.tapscape.com/sheep-marketplace-scam-revealed-40-million-stolen/

Quote:

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.

UPDATE 12/1/13: Now that vendors are incredibly upset about the Sheep Marketplace scam, the people in charge of the site have shutdown the store leaving a short note to users on the main page. The note suggests that a random vendor from the site was able to find a bug in the system and steal thousands of Bitcoins.

The amount mentioned in the note does not match the transfer amount and despite Sheep Marketplace claiming that users will receive their remaining Bitcoins if they have an emergency Bitcoin address enabled, no one has received anything thus far.

Since the administrators at Sheep Marketplace had lied for more than a week regarding what was happening, it seems unlikely that anyone will see their Bitcoins.

Message from Sheep Marketplace’s admin reads (spelling mistakes included):

We are sorry to say, but we were robbed on Saturday 11/21/2013 by vendor EBOOK101. This vendor found bug in system and stole 5400 BTC – your money, our provisions, all was stolen. We were trying to resolve this problem, but we were not successful. We are sorry for your problems and inconvenience, all of current BTC will be ditributed to users, who have filled correct BTC emergency adress. I would like to thank to all SheepMarketplace moderators by this, who were helping with this problem. I am very sorry for this situation. Thank you all.




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...or something







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OfflinegeokillsA
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Registered: 05/08/01
Posts: 23,446
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: eve69] * 1
    #19211643 - 12/01/13 09:18 AM (10 years, 2 months ago)

This thread was moved from Money Matters.

Reason:
Better suited for Shroomery News Service.


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InvisibleInto The Woods
Quarantine King
Male

Registered: 04/20/13
Posts: 10,864
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: eve69]
    #19211660 - 12/01/13 09:25 AM (10 years, 2 months ago)

For fucks sake. :facepalm:


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Offlinedownlowfunk
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Registered: 09/25/04
Posts: 880
Loc: Physical Realm
Last seen: 3 years, 5 months
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: Into The Woods]
    #19211678 - 12/01/13 09:30 AM (10 years, 2 months ago)

Sheoples indeed. MUWAHAHAHAHA


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InvisibleStonehenge
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Registered: 06/20/04
Posts: 14,850
Loc: S.E.
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: downlowfunk]
    #19211770 - 12/01/13 09:56 AM (10 years, 2 months ago)

The site has been shut down. Also, bmr is down. Bad news all around


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“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

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Offlineniteman

Registered: 06/29/11
Posts: 1,050
Last seen: 2 years, 7 months
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: Stonehenge]
    #19211821 - 12/01/13 10:11 AM (10 years, 2 months ago)

Damn


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Offlineiateshaggy
i haxor 360s
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Registered: 05/20/05
Posts: 4,707
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Last seen: 18 days, 3 hours
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: niteman]
    #19211998 - 12/01/13 10:55 AM (10 years, 2 months ago)

they should be fourced to go recover these and distribute them to their users.


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You are a filipina sex goddess who wants to fuck me until I fall asleep, so then you can tickle my balls and see if the legend of my diamond filled nutsuck is true.  I am a white man from costa rica, who smells like lime jello.


I can flash/jtag/repair 360's, pm for details.


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Offlinefapjack
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Registered: 07/26/07
Posts: 16,574
Loc: Central New Jersey
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: eve69]
    #19212000 - 12/01/13 10:55 AM (10 years, 2 months ago)

The ongoing rumor is that the site got robbed for 5400 bitcoins first, then the admin tried to fix it and failed and just decided to fuck everyone over.  I think they figured out who owned the site though, and I'm pretty sure he's going to get killed at some point.


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InvisibleJuicin
Stranger
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Registered: 10/27/13
Posts: 897
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: iateshaggy]
    #19212017 - 12/01/13 10:58 AM (10 years, 2 months ago)

Forced by who?

How are the people running the site any more culpable for their stupidity than the users? I don't do drug deals on the internet because I'm not knowledgeable enough to know exactly what I'm exposing myself to. These people got what they had coming for using a service they didn't understand.


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Offlinefapjack
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: Juicin] * 2
    #19212042 - 12/01/13 11:02 AM (10 years, 2 months ago)

By that logic everyone that gets arrested for buying/selling drugs deserves it for working in a system they don't understand.  Its just a marketplace where people exchange goods and services, no one deserved to get robbed.  People knew this could happen, its the cost of doing business.


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InvisibleJuicin
Stranger
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Registered: 10/27/13
Posts: 897
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: fapjack]
    #19212055 - 12/01/13 11:05 AM (10 years, 2 months ago)

I have never encountered a situation where some one who got caught didn't know they were risking themselves. Or should have known it.

There is nothing complicated about real world drug use. Trying to do business online on the other hand requires a genius to truly understand what the fuck is going on. Or at the very least a very well informed consumer.


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OfflineBlackPeace
Self proclaimed CEO
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Registered: 11/18/07
Posts: 1,069
Loc: Canada Flag
Last seen: 9 months, 16 days
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: Juicin]
    #19212219 - 12/01/13 11:40 AM (10 years, 2 months ago)

I wonder what will happen with the bitcoin value when these guys starts to cash out 40.000.000.00


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Offlinespixce
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Registered: 06/29/13
Posts: 4,451
Loc: AZ Flag
Last seen: 7 years, 4 months
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: eve69]
    #19212311 - 12/01/13 11:58 AM (10 years, 2 months ago)

damn those bastards


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OfflineConstantine
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Registered: 05/01/11
Posts: 4,643
Loc: Flag
Last seen: 1 year, 3 months
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: spixce]
    #19212313 - 12/01/13 11:59 AM (10 years, 2 months ago)

Holy shit.. Bad news


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OfflineMrBlueYoMind
Don't do drugs (Without me)

Registered: 04/27/11
Posts: 3,753
Last seen: 2 months, 19 days
Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: BlackPeace]
    #19212373 - 12/01/13 12:09 PM (10 years, 2 months ago)

It looks like the price of BTC just dropped like $100 in the past 45 minutes
70 in the last 6 minutes


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Confucius say: He who sticks drugs in butthole has head up ass. 
EVOLUTION REQUIRES REPRODUCTION


Edited by MrBlueYoMind (12/01/13 12:13 PM)


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Offlinefapjack
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: MrBlueYoMind] * 1
    #19212380 - 12/01/13 12:10 PM (10 years, 2 months ago)

Would be nice to see it crash and stabilize already.


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Offlinespixce
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: MrBlueYoMind] * 1
    #19212387 - 12/01/13 12:13 PM (10 years, 2 months ago)

the smart thing to do is buy btc when its cheap and wait till its expensive then spend it


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OfflineMrBlueYoMind
Don't do drugs (Without me)

Registered: 04/27/11
Posts: 3,753
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: spixce]
    #19212404 - 12/01/13 12:17 PM (10 years, 2 months ago)

Quote:

spixce said:
the smart thing to do is buy btc when its cheap and wait till its expensive then spend it




Yep- Maybe the price will crash hard with a selling frenzy and then rebound as people try to invest again and hold them, which keeps them out of circulation.  If it goes low enough I'll probably do that.  A FOAF lost $2,000 when SR went down.  If he had them in an external wallet they would have been worth ~$15,000 right before this current crash


Yea the buy price just rebounded up some, it seems like it pretty volatile at this second :shrug:


--------------------
Confucius say: He who sticks drugs in butthole has head up ass. 
EVOLUTION REQUIRES REPRODUCTION


Edited by MrBlueYoMind (12/01/13 12:18 PM)


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InvisibleStonehenge
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Registered: 06/20/04
Posts: 14,850
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Re: $40,000,000.00 in Bitcoins stolen (moved) [Re: MrBlueYoMind]
    #19212508 - 12/01/13 12:39 PM (10 years, 2 months ago)

Its dropped over $200, i doubt it will go down much more, maybe a little. BMR is back up but plans to close for a couple months.


--------------------
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835)

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OfflineImmortal Jellyfish
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Registered: 03/23/13
Posts: 192
Loc: Colorado Flag
Last seen: 21 days, 19 hours
Re: $40,000,000.00 in Bitcoins stolen (moved) *DELETED* [Re: MrBlueYoMind]
    #19212517 - 12/01/13 12:41 PM (10 years, 2 months ago)

Post deleted by Immortal Jellyfish

Reason for deletion: Unnecessary post



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