Markets
Alleged owner of Darknet Narcotics Bazaar ‘incognito marketplace’ arrested in New York
US authorities have arrested and charged a Taiwanese national for operating a darknet drug bazaar, Incognito Market, which he allegedly used to facilitate the sale of more than $100 million in illegal narcotics, denominated in cryptocurrency, including fentanyl.
Prosecutors say Rui-Siang Lin, 23, operated Incognito Market under the pseudonym “Pharoah” and oversaw all of its operations, including employees, suppliers and customers, and had “ultimate decision-making power over all aspects of this multi-million dollar operation.” from its inception in October 2020 until its closure in March this year.
“The dedicated prosecutors of the Southern District of New York and our law enforcement partners will pursue criminal actors, whether they operate on street corners or in the dark corners of the Internet,” said U.S. Attorney Damian Williams In a Monday statement. “The so-called ‘dark web’ is no safe haven for those seeking to break the law.”
Lin was arrested Saturday at John F. Kennedy Airport in New York and will appear before a magistrate judge in the Southern District of New York (SDNY) today. He faces one count of engaging in a continuing criminal enterprise, one count of narcotics conspiracy, one count of money laundering and one count of conspiracy to sell adulterated and misbranded drugs.
The first charge – sometimes called “basic law” – carries a mandatory minimum sentence of life in prison. Ross Ulbricht, the creator and operator of the now-shuttered darknet drug market Silk Road, was convicted of the same crime and sentenced to life in prison. The drug conspiracy charge carries a mandatory minimum sentence of 10 years and a potential maximum sentence of life in prison. The other two counts carry a combined maximum sentence of 25 years in prison.
Lin reportedly made millions operating the Incognito marketplace, earning him a 5% cut of every sale. The darknet market had its own “bank,” prosecutors said, which gave users an extra layer of anonymity by allowing them to deposit cryptocurrencies into their own accounts, which the site then automatically transferred from buyers to buyers. sellers, less fees.
According to complaintLin created and operated Incognito Market while he was an undergraduate student at the prestigious National Taiwan University.
Lin, a self-described crypto developer and fan of the privacy coin Monero, said on led a four-day workshop on cybercrime and cryptocurrency for 30 police officers from the Saint Lucia Police Academy in early April.