Key Takeaways:
- U.S. authorities arrested Rui-Siang Lin for running Incognito Market, a darknet drug marketplace, and facilitating over $100 million in cryptocurrency drug sales.
- Lin faces multiple charges, including engaging in a continuing criminal enterprise and money laundering, with the most serious charge carrying a potential life sentence.
- Incognito Market executed an exit scam in March 2024, leaving users unable to withdraw funds while extorting vendors.
U.S. authorities have arrested Rui-Siang Lin, a 23-year-old Taiwanese national, for operating the darknet drug marketplace Incognito Market.
Lin, using the alias “Pharoah,” allegedly facilitated over $100 million in cryptocurrency sales of illegal drugs, including fentanyl, from October 2020 to March 2024.
FBI New York along with our partners at @SDNYNews, @HSINewYork @DEANewYorkDiv, @NYPDNews, and @US_FDA – OCI announced the arrest of the “Incognito Market” Owner, for operating one of the largest illegal narcotics marketplaces on the internet. https://t.co/qomB4Y25pd
— FBI New York (@NewYorkFBI) May 20, 2024
He managed all aspects of the operation, including overseeing employees, vendors, and customers.
Lin was arrested at JFK Airport and faces multiple charges, including engaging in a continuing criminal enterprise, narcotics conspiracy, money laundering, and conspiracy to sell adulterated and misbranded medication.
Arrested Saturday at JFK in New York, Ru-Siang “Pharoah” Lin could face life in prison for allegedly running a darkweb marketplace for drugs that saw $100 million in transactions.
— Decrypt (@decryptmedia) May 20, 2024
Read more: https://t.co/jFixzc4wvr
The most serious charge could result in a life sentence.
Incognito Market took a 5% commission on transactions and had its own “bank” to enhance user anonymity.
In March, the site executed an exit scam, leaving users unable to withdraw funds and extorting vendors.
Lin, who profited millions from the market, claimed to have conducted a workshop on cybercrime and cryptocurrency for police officers in April.
He is set to appear before a magistrate judge in the Southern District of New York.
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