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21/05/24
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U.S. Authorities Arrest Man Who Owned and Operated Dark Web Marketplace Which Facilitated Transactions Using Crypto
On May 20, the U.S. Attorney’s Office, Southern District of New York, published a press release noting the arrest of a 23-year-old man known as Rui-Siang Lin in New York for operating and owning “Incognito Market,” an online dark web narcotics marketplace which facilitated the buying and selling of illicit narcotics anonymously worldwide.
Incognito Market was established on the dark web four years ago and closed two months ago. It facilitated the sales of narcotics worth over $100 million, including cocaine and methamphetamines. They used cryptocurrency to facilitate transactions, ensuring anonymity.
LIN made huge profits from the marketplace, facilitating financial transactions through the marketplace’s own bank:
“To facilitate these financial transactions, Incognito Market had its own “bank,” which allowed its users to deposit cryptocurrency on the site into their own “bank accounts.” After a narcotics transaction was completed, cryptocurrency from the buyer’s “bank account” was transferred to the seller’s “bank account,” less the 5% fee that Incognito collected,” reads the statement.
The perpetrators used Incognito Market to enable seamless narcotics transactions online and worldwide, with the integration of numerous features of legitimate e-commerce sites like branding, advertising, and customer service.
“As alleged, Rui-Siang Lin’s brazen operation resulted in the illicit sale of over $100 million in narcotics…The El Dorado Task Force’s Darkweb and Cryptocurrency Task Force leverages cutting-edge techniques to target even the Internet’s most savvy criminals. HSI New York, in coordination with law enforcement partners, remains resolute in its commitment to protecting the public from individuals utilizing dangerous means to make a profit,” said HSI Special Agent in Charge Ivan J. Arvelo.
Lin faces imprisonment for different charges, including a mandatory minimum sentence of life imprisonment, a mandatory minimum sentence of 10 years imprisonment, a maximum potential sentence of life imprisonment, a maximum potential sentence of 20 years imprisonment, and a maximum potential sentence of five years imprisonment.
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