This passage ties in with Revelation 20. ‘I saw an angel come down from heaven, having the key of the bottomless pit, and a great chain in his hand.
One moment those that hold extreme alternative morality, and extreme anti-moral views, seem to be a minority, and we call them extremists. The years fly past and suddenly they have all the power and they are everywhere, and they are in almost every country wherever you look, in every branch of the media; they seem to dominate. They seem to have multiplied furiously and amazingly in ever so short a time. This is all descriptive of the ideas that Satan and his hosts will be propagating, and the things that he will be inserting into hearts and into society in the last days. But this is a woe sent from God. If people will not honour him and turn to him and love him, they will be progressively given over, especially at the very end of time. Satan has been given the key of the bottomless pit to let out some or many of his hosts and to rampage.