The Fall of "The Versus Project" – Alleged Darknet Market Operator Extradited to the United States
Jul 26, 2026
Darknet marketplaces have a habit of disappearing.
Sometimes they exit scam.
Sometimes they're quietly abandoned.
And sometimes, years after they've gone offline, investigators finally catch up with the people who allegedly ran them.
That's exactly what happened this year with The Versus Project, better known simply as Versus Market.
A Market Built After AlphaBay
When AlphaBay and Dream Market disappeared, thousands of vendors started looking for a new home.
Versus Market quickly became one of the platforms trying to fill that gap.
Launched in late 2019, the marketplace supported Bitcoin and Monero, offered an escrow system, and attracted vendors selling illegal drugs, counterfeit documents, stolen accounts, hacking tools and malware.
According to U.S. prosecutors, the market eventually grew to more than 380,000 registered users, hosted over 32,000 listings, and processed more than 300,000 completed orders before shutting down in 2022.
The Investigation Didn't End
Although Versus Market disappeared several years ago, investigators never stopped looking.
Authorities allege that one of the marketplace's co-founders, Patrick Schmitz, continued living in Colombia after the site closed.
According to prosecutors, Schmitz wasn't just another administrator.
They claim he handled vendor applications, resolved disputes, supervised staff, promoted the marketplace and managed many of its day-to-day operations.
Investigators also allege he profited from commissions earned on marketplace transactions.
Arrested Years Later
In 2024, Colombian authorities arrested Schmitz at the request of the United States.
This week, after a lengthy legal process, he was extradited to the United States, where he now faces a long list of federal charges, including operating a continuing criminal enterprise, narcotics conspiracy, money laundering and fraud-related offences. Like all defendants, he is presumed innocent unless proven guilty in court.
If convicted on the most serious charge, he could face life imprisonment.
A New Trend
One thing has become increasingly clear over the last few years.
Darknet investigations don't necessarily end when a marketplace disappears.
Investigators continue tracing cryptocurrency transactions, analysing seized servers, reviewing messages and identifying administrators long after users believe a case has gone cold.
Dream Market.
Versus.
And now several other major marketplaces.
The message from law enforcement is simple:
Closing a marketplace doesn't necessarily end the investigation.
Sometimes it's only the beginning.
Sometimes they exit scam.
Sometimes they're quietly abandoned.
And sometimes, years after they've gone offline, investigators finally catch up with the people who allegedly ran them.
That's exactly what happened this year with The Versus Project, better known simply as Versus Market.
A Market Built After AlphaBay
When AlphaBay and Dream Market disappeared, thousands of vendors started looking for a new home.
Versus Market quickly became one of the platforms trying to fill that gap.
Launched in late 2019, the marketplace supported Bitcoin and Monero, offered an escrow system, and attracted vendors selling illegal drugs, counterfeit documents, stolen accounts, hacking tools and malware.
According to U.S. prosecutors, the market eventually grew to more than 380,000 registered users, hosted over 32,000 listings, and processed more than 300,000 completed orders before shutting down in 2022.
The Investigation Didn't End
Although Versus Market disappeared several years ago, investigators never stopped looking.
Authorities allege that one of the marketplace's co-founders, Patrick Schmitz, continued living in Colombia after the site closed.
According to prosecutors, Schmitz wasn't just another administrator.
They claim he handled vendor applications, resolved disputes, supervised staff, promoted the marketplace and managed many of its day-to-day operations.
Investigators also allege he profited from commissions earned on marketplace transactions.
Arrested Years Later
In 2024, Colombian authorities arrested Schmitz at the request of the United States.
This week, after a lengthy legal process, he was extradited to the United States, where he now faces a long list of federal charges, including operating a continuing criminal enterprise, narcotics conspiracy, money laundering and fraud-related offences. Like all defendants, he is presumed innocent unless proven guilty in court.
If convicted on the most serious charge, he could face life imprisonment.
A New Trend
One thing has become increasingly clear over the last few years.
Darknet investigations don't necessarily end when a marketplace disappears.
Investigators continue tracing cryptocurrency transactions, analysing seized servers, reviewing messages and identifying administrators long after users believe a case has gone cold.
Dream Market.
Versus.
And now several other major marketplaces.
The message from law enforcement is simple:
Closing a marketplace doesn't necessarily end the investigation.
Sometimes it's only the beginning.