I think you're right. A relevant thread from Reddit if anyone's interested: http://www.reddit.com/r/SheepMarketplace/comments/1nsmzx/a_f...

Sheep was set up back in like May (the exact dates aren't clear because no one was paying attention), so if it's a honeypot, it was a very far-sighted one. Personally, I strongly doubt it's a honeypot because the Czechs who run it are less competent than LE would be.

What makes you say they're incompetent?

The clearnet version of Sheep has already been closely linked to them. Being in Czechslovakia may impede the investigation, but I still would not want to be using it...

A big honeypot is what the government should put in place before the bust, if it is really on the ball. I'm sure the probability of that is far from 1.