The darknet, also known as the dark web, is a concealed section of the internet that's inaccessible via standard search engines. You can only access it using special software, settings, or authorization. This area comprises websites and content that are purposely kept hidden from public view.
Accessing darknet requires using Tor Browser, a special web browser that routes your internet traffic through a global network of relays managed by volunteers. This way, it becomes very difficult to trace which websites you're visiting, and these sites won't know where you are located.
When visiting the dark web, use a secure browser like Tor, do not reveal any of your personal information, and don't open suspicious files or links to stay safe.
The Darknet is often utilized for secure communication, discreet information or file sharing, anonymous research without identity exposure, and occasionally for engaging in illicit activities. It is also recognized for hosting underground black markets(darknet markets), whistleblowing platforms, and discussion boards that champion freedom of speech.
While accessing Darknet Markets themselves is typically not against the law in most places, engaging with illicit goods within them is generally considered a crime. On the other hand, some people might visit Darknet Markets for lawful purposes such as research, journalistic work, or simply to explore online communities. It's essential to know the local laws regarding online activities, and be cautious when using these platforms to avoid any potential issues.
Ross Ulbricht Loses $12 Million on Pump.fun After Token Accident
Ross Ulbricht, the founder of the infamous Silk Road darknet market, has taken a major hit, losing $12 million on Pump.fun, a Solana-based platform for memecoins.
Here's what happened:
Ulbricht’s wallet received a massive chunk (50%) of the total ROSS tokens, a memecoin created by his supporters in an attempt to raise funds for his potential release. To avoid flooding the market by selling all the tokens at once, he tried adding liquidity on Raydium, a popular decentralized exchange (DEX) on Solana.
However, he made a huge mistake while setting up the liquidity pool. Instead of using a more advanced option like a Concentrated Liquidity Market Maker (CLMM)—which allows liquidity providers to set price ranges for their trades—he accidentally used a basic Constant-Product Market Maker (CPMM) setup. That meant his tokens were available for trading at the wrong price right from the start.
Enter Pump.fun and the MEV Bot
Pump.fun is basically a place where anyone can launch and trade memecoins, but the tokens are super volatile, with no real value other than what traders are willing to pay. If liquidity isn’t handled carefully, things can go south fast, and that’s exactly what happened here.
The wrong liquidity setup made it easy for an MEV (maximal extractable value) bot to swoop in and exploit the situation. These bots are designed to scan the blockchain for easy profit, and in this case, they were able to instantly buy ROSS tokens at a crazy low price. One MEV bot grabbed $1.5 million worth of ROSS at a huge discount, then quickly flipped them for a profit.
Ulbricht tried to fix the mistake but ended up repeating it, losing another $10.5 million. This bot continued its rampage, buying mispriced tokens and dumping them, causing a brutal 90% price crash for ROSS tokens.
Aftermath: Some Losses, Some Hope Left
Ulbricht still holds 10% of the ROSS token supply, but after all the trading drama, those tokens are now worth only about $200,000—far from the $12 million he originally lost.
But there’s a silver lining. The liquidity issue has been fixed with the proper CLMM setup, and now his remaining tokens are safely in another wallet. At least there’s a chance to recoup some of those losses over time.
Pump.fun's Meteoric Rise
Meanwhile, Pump.fun is making waves in the crypto world. It’s actually outperformed both Solana and Ethereum in terms of 30-day revenue. According to Dune Analytics, Pump.fun brought in $116.72 million in monthly revenue, just ahead of Solana at $116.46 million, and surpassing Ethereum’s $107.64 million.
A huge chunk of Solana’s revenue—47%, to be exact—came from trades on Pump.fun. Since its launch, Pump.fun has seen over 4.2 million memecoins come to market, and it’s pulled in a whopping $435.29 million in all-time revenue. Just in the past 24 hours, the platform earned $1.15 million in fees.
So yeah, while Ross Ulbricht may have lost millions on a memecoin mistake, the rise of platforms like Pump.fun is proof that the dark side of crypto and the world of memecoins are still very much thriving.