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The dark web’s Elude, an anonymous cryptocurrency exchanger and bitcoin mixer, recently conducted an exit scam, draining users’ wallets before disabling withdrawals.
A recent video by Mental Outlaw revealed that despite the scam, a customer service representative continued to assist users and offer advice on the deep web’s Reddit clone Dread, revealing the complex and sometimes challenging world of the dark web.
While some services quietly fold or exit scam, others aim to maintain a level of integrity and transparency.
Elude, a non-KYC dark web cryptocurrency exchange and email service, abruptly closed after its admins decided to exit scam and steal deposited crypto. This highlights the ongoing risks associated with custodial crypto services such as deep web financial service or crypto exchanges like FTX.
However, online forums like Dread, a darknet’s Reddit clone, are making such scams harder to execute by warning users in real-time.
Several lessons can be learned from this situation.
First, it is crucial to avoid storing funds in online wallets controlled by third parties, especially if their identities cannot be confirmed. Overall, users should keep funds in hot wallets to a minimum and avoid using custodial and centralized services as much as possible
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Monero (XMR), a more privacy-focused cryptocurrency, is an recommended in the video for dark web transactions. When swapping less private cryptocurrencies like bitcoin (BTC) into monero, atomic swaps purportedly provide a secure and scam-proof solution.
It is also recommended to use the cryptocurrency received for purchasing goods rather than spending it in stores.
Mental Outlaw explained that monero’s privacy features, including stealth addresses and RingCT, make it an attractive option for dark web activity.
However, its potential extends beyond the dark web, as it can be used for everyday transactions. This creates an opportunity for online stores to cater to privacy-conscious users by accepting monero payments.
The video’s author announced plans to integrate monero payments into their merchandise store and encouraged entrepreneurial readers to do the same with their own online stores and capitalize on the growing demand for privacy-focused shopping options.
Read more: Bitcoin, monero under attack: entity links IPs to BTC and XMR transactions, bitcoin developer