In a recent repression regarding illicit transactions involving crypto assets, the United States Department of Justice (DOJ) arrested Rui-Siang Lin, a 23-year-old individual from Taiwan. Lin, who also goes by Pharoah and Faro, is accused of owning and operating a dark web drug market known as the “incognito market.”
The platform allegedly facilitated anonymous crypto transactions of illegal narcotics worth a total of over $100 million globally.
$100 million crypto operation revealed
According to Following the complaint and indictment, Incognito Market emerged in October 2020 as an online narcotics bazaar operating on the dark web. Until its closure in March, the market facilitated the sale of cryptocurrencies worth more than $100 million in the form of narcotics, including significant quantities of cocaine and methamphetamines.
Accessible to users worldwide with internet connectivity, Incognito Market could be reached through the Tor web browser on the darknet. Lin, operating under the online pseudonyms “Pharoah” or “Faro”, acted as market leader and supervised all of its operations, including employees, suppliers and customers.
U.S. Attorney Damian Williams of the Southern District of New York emphasized that Lin’s alleged operation exploited the community for personal gain, emphasizing that criminal actors would be prosecuted whether they operated on street corners or in “dark corners of the Internet”.
Dark Web Drug Lord Arrested
According to the DOJ, Incognito Market was designed to facilitate the smooth trafficking of narcotics. transactions worldwide by integrating features commonly seen on legitimate e-commerce sites, such as branding, advertising and customer service.
Users would have accessed the marketplace by logging in with unique usernames and passwords, allowing them to search thousands of listings for the drugs of their choice.
It is further alleged that the platform sold illegal narcotics and mislabeled prescription drugs, including heroin, cocaine, LSD, MDMA, oxycodone, methamphetamines, ketamine and alprazolam.
To become a seller on Incognito Market, individuals had to register on the site and pay an entry fee. In exchange for listing and selling narcotics, sellers paid 5% of the purchase price to Incognito Market. Lin has accumulated millions of dollars in profits from operation.
Interestingly, the market had a “bank” that allowed users to deposit crypto assets into their “digital bank accounts”. After a transaction, the cryptocurrency was transferred from the buyer’s account to the seller’s account, with Incognito Market taking a 5% fee.
Lin was arrested May 18 at John F. Kennedy Airport and is scheduled to appear before U.S. Magistrate Judge Willis in Manhattan federal court.
If convicted, Lin faces severe penalties, including a maximum sentence of life in prison for drug conspiracy, a maximum sentence of 20 years for money laundering, and a maximum sentence of 20 years for drug conspiracy. intended to distribute narcotics.
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