The infamous darknet drug bazaar, Incognito Market, was run by a 23-year-old Taiwanese national, Rui-Siang Lin, operating under the pseudonym “Pharoah.” This online platform facilitated the buying and selling of illegal narcotics, including fentanyl, prescription amphetamines, MDMA, LSD, and cocaine. Over a span of four years, Incognito Market transacted more than $100 million in cryptocurrencies, primarily Monero and Bitcoin. Lin, as the mastermind behind the operation, accumulated millions of dollars in profit and established Incognito Market as one of the largest online narcotics sales platforms.
On May 18, U.S. authorities arrested Lin at New York’s John F. Kennedy Airport after tracking the platform’s transactions. FBI Assistant Director James Smith revealed that Lin was responsible for all aspects of Incognito Market, including managing vendors, employees, and customers. He reportedly took a 5% cut of every sale processed through the platform. Lin now faces multiple charges, including money laundering, engaging in a continuing criminal enterprise, narcotics conspiracy, and conspiracy to sell misbranded and adulterated medication.
Incognito Market ceased its operations in March following an exit scam, leaving users unable to access their funds. The administrators resorted to demanding fees from vendors to prevent the leak of customer data, ranging from $100 to $20,000 based on the vendor’s size. Despite Lin’s background as a crypto developer and Monero enthusiast, his involvement in illegal activities led to his arrest and subsequent legal proceedings.
U.S. Attorney Damian Williams emphasized that the so-called “dark web” is not a safe haven for individuals seeking to engage in unlawful activities. The arrest of Rui-Siang Lin serves as a reminder that law enforcement agencies are actively monitoring and tracking illegal transactions on these platforms. The FBI was able to identify Lin as the owner of Incognito Market by tracing cryptocurrency from the marketplace to an exchange account registered in his name.
If convicted, Rui-Siang Lin could face a mandatory life sentence on the criminal enterprise charge. Similar to Ross Ulbricht, the founder of the Silk Road darknet marketplace, Lin faces serious penalties for his involvement in narcotics conspiracy and other criminal activities. The charges carry a combined maximum sentence of 25 years in prison, highlighting the severe consequences of operating illegal online marketplaces. Despite Lin’s previous engagement in educating law enforcement officers on cybercrime and cryptocurrency, his actions on the darknet have resulted in legal repercussions that could impact his future significantly.
The case of Incognito Market and Rui-Siang Lin sheds light on the dangers of engaging in illegal activities on the dark web. The rise and fall of this darknet drug bazaar serve as a cautionary tale for individuals seeking to profit from illicit online transactions. Law enforcement agencies continue to crack down on illegal operations on the dark web, emphasizing the importance of accountability and consequences for those involved in criminal enterprises.
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