The beast you saw was, and is not, but is about to come up from the abyss (Rev. 17:8 NET)
the beast that comes up from the abyss (Rev. 11:7 NET)
Frederick Franz clung to the idea that beast coming up from the abyss (Rev. 11:7) in this one instance is the same as the sea beast (13:1). This he did "to prove" his theory that the two witnesses represent Rutherford and co. that were sent to jail during the First World War. As will be seen, he falls back to the Hebrew. Later on he declared the beast "about to come up from the abyss" (17:8) to be the UN.
The “abyss” (Greek abyssos; Hebrew, tehohm’) refers symbolically to a place of inactivity. (See Revelation 9:2) In a literal sense, however, it can also refer to the vast sea. (Ps. 71:20; 106:9; Jonah 2:5) The Hebrew word is often translated “watery deep.” Thus “the wild beast that ascends out of the abyss” can be identified with “the wild beast ascending out of the sea.” See Revelation-Its Grand Climax At Hand!, p. 167.
NWT Revelation 13:3 And I saw one of its heads as though slaughtered to death, but its death-stroke got healed, and all the earth followed the wild beast with admiration.
NET Revelation 13:3 One of the beast's heads appeared to have been killed, but the lethal wound had been healed. And the whole world followed the beast in amazement
"a head that seemed to be mortally wounded" Rev. 13:3 (BDAG). This beast remained alive. It was not in the abyss. By disappearing, it would be absorbed by the two new beasts, i.e., beast from the earth and beast from the abyss. I know it disappeared because Jesus deals with only two (not three) beasts at Armageddon.
In the abyss = inactive. Out of the abyss = active. The abyss can be favorably compared to the realm of the dead. Paul contrasts “ascent into heaven” with “descent into the abyss,” but because Christ was there, the abyss should not be conceived as an evil or demonic realm (Rom. 10:7; cf. Luke 8:31). God allows the beast to come up out of the abyss (of inactivity) (Rev. 17:8, 9, 11; cf. 11:7, 8). This is also where Satan will be bound for a thousand years (20:1, 2).