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The kingpin or ringleaders of the world’s largest illicit credit card market have retired after making an estimated fortune of more than $ 1 billion in cryptocurrencies, according to research by blockchain analytics firm Elliptic that it shared with Reuters.
Screenshot of a message announcing the closure of the Joker’s Stash illicit credit card market, posted in January 2021. Courtesy of Tom Robinson / Elliptic / Handout via REUTERS
LONDON: The kingpin or kingpins of the world’s largest illicit credit card market have pulled out after making an estimated fortune of more than $ 1 billion in cryptocurrency, according to research by blockchain analytics firm Elliptic shared with Reuters .
The “Joker’s Stash” market, where stolen credit cards and identity data are exchanged for bitcoins and other digital currencies, stopped operating this month, Elliptic said on Friday, in what it called a rare example of a this guy retiring on his own terms. .
The criminal use of cryptocurrencies has long worried regulators, with US Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde calling for stricter supervision last month.
While terrorist financing and money laundering are top law enforcement concerns, narcotics, fraud, scams and ransomware are among the top areas of illegal use of digital currencies, according to Elliptic co-founder. , Tom Robinson.
Joker’s Stash was launched in 2014, with its anonymous founder “JokerStash,” who could be one or more people, posting messages in both Russian and English, Elliptic said. It was available on the regular web and through the darknet, which hosts markets that sell contraband.
The darknet, or darkweb, is a part of the Internet that is not visible to common search engines and requires a form of browser that hides the identity of the user to access.
Elliptic, whose clients include law enforcement agencies and financial firms, estimates that JokerStash raised more than $ 1 billion in cryptocurrency earnings over the years, at current prices. Bitcoin has soared from just over $ 300 in 2014 to a record high of $ 49,000 on Friday, throwing other currencies in its wake.
The blockchain firm hit the over $ 1 billion figure by analyzing market revenue and the fees it charged, and said it was at the low end of its estimates.
In December, Interpol and the FBI confiscated the domain names used by the site, but it continued to operate through the darknet, Elliptic said https://www.elliptic.co/blog/jokers-stash-retiring. Cybersecurity firm Digital Shadows also said in December that the darknet site remained active after the seizure.
Interpol did not respond to a request for comment. The FBI could not be reached outside of normal business hours.
The illegal credit card trade is “a multi-billion dollar business,” Robinson said. “It also provides a means of profiting from other types of cybercrime.”
On January 15, Joker’s Stash posted a message announcing that it would be shutting down permanently on February 15. In fact, it went offline on February 3, Elliptic said.
“Joker is going into a well-deserved retirement,” read the message, of which Reuters saw a screenshot. “It’s time for us to go forever.”
Accompanying it was an image from the 1862 painting “Stańczyk” by Polish artist Jan Matejko, depicting a court jester sitting sadly in a bedroom while a party continues in the background.
(Reporting by Tom Wilson; Edited by Pravin Char)
