What is this place אֲבַדּוֹן ("Abaddon") that seems to be associated with Sheol/Hades, death, fire, and sin? Abaddon is derived the Hebrew אָבַד ("Aw, bad"), meaning "destroy, perish". Strongs defines Abaddon as "The place of destruction". The LXX translates it as ἀπωλείᾳ ("apoleia"), the noun form of apollumi, "to be destroyed, to perish". The verb form is well-known from John 3:16 "Whosoever believes in him should not perish" (or "should not be destroyed"), but have everlasting life.
The place of Destruction. Contrasted with Life.
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The author of one of our Bible studies pointed out that Acts 8:20 has been bowdlerized in almost all English translations. The Greek literally reads, "But Peter said to him, 'May you and your silver be in Apoleia together!'" That's right. The great apostle just told Simon Magus to take his money and go to Hell.