Abraxas wanted to conquer the world. To this end he decided he needed to kill Spider-Man and discovered Spider-Man's identity as Peter Parker (presumably through his telepathy). He convinced Peter's friend Tim Huxley to give Peter a bomb to kill him. After Peter obtained the present it was stolen and exploded, killing the thieves. Peter returned to Huxley and confronted Abraxas and the pair fought but Abraxas used his telepathy to forsee every move Spider-Man tried. Huxley turned on Abraxas but Abraxas saw this an injured Huxley. This gave Spider-Man the opportunity to web up Abraxas but was interpreted by the police, forcing Spider-Man to free and Abraxas to escape. Abraxas later telepathically reached out to Spider-Man and said they would meet again