A Taiwanese national has been charged with running Incognito Market, a darknet drug bazaar, and arrested after authorities tracked the platform’s transactions. The platform has reportedly traded more than $100 million worth of crypto through the sale of illegal narcotics such as fentanyl.
Founder of Incognito Market arrested and charged
On May 18, US authorities arrested Rui-Siang Lin, 23, who operated under the pseudonym “Pharoah,” at John F. Kennedy Airport in New York. According to FBI Assistant Director in Charge James Smith, Lin ran Incognito Market for approximately four years and was responsible for operations, including suppliers, employees and customers, and was the primary decision maker.
During this time, Lin amassed millions of dollars in personal profits and grew Incognito Market into one of the largest online platforms for drug sales. The platform facilitated the buying and selling of drugs such as Adderall, MDMA, LSD and cocaine using Monero (XMR) and Bitcoin (BTC). In turn, Lin took 5% of each sale as users made money through the platform.
Lin is charged with one count of money laundering, one count of participating in a continuing criminal enterprise, one count of conspiracy to traffic drugs, and one count of conspiracy to sell mislabeled and counterfeit medications, among other charges.
According to the FBI, they identified the owner of Incognito Market by tracing the crypto from the marketplace to an exchange account in his name. FBI Task Force Officer Mark Rubens said the exchange account provided Lin’s driver’s license, email address and phone number.
Lin faces life imprisonment
Incognito Market ceased operations in March after an exit scam left users unable to access their funds. Administrators then reportedly began requiring vendors to pay fees ranging from $100 to $20,000, depending on their size, to prevent their customer data from being publicly leaked.
Despite the allegations, Lin, who identifies as a crypto developer and enthusiast of the privacy coin Monero, revealed on
If convicted, Lin faces a mandatory life sentence on criminal enterprise charges. Meanwhile, Ross Ulbricht, the person behind the Silk Road darknet drug marketplace, faced similar charges and was convicted of the same crime. He received a life sentence.
Source: https://cryptobenelux.com/2024/05/26/eigenaar-van-incognito-market-gearresteerd-nadat-de-fbi-crypto-transacties-heeft-getraceerd/
