On May 18, New York law enforcement detained a 23-year-old Taiwanese citizen, suspected of being the owner of the largest darknet marketplace for drug sales, Incognito Market.
“Incognito Market” owner arrested for operating one of the largest illegal narcotics marketplaces on the internet
?: https://t.co/8DlfZ0M29w pic.twitter.com/8gFleAaie0
— US Attorney SDNY (@SDNYnews) May 20, 2024
According to authorities, Rui-Xiang Lin, known by the aliases Pharoah and faro, managed the drug market from October 2020 to March 2024. During this period, at least 364 kg of cocaine, 295 kg of methamphetamine, and 92 kg of MDMA were sold through the platform.
Sellers were charged up to 5% of the purchase price of each drug. To facilitate financial transactions, Incognito Market had its own “bank,” allowing users to deposit cryptocurrencies into their accounts.
The total revenue of Incognito Market exceeded $100 million. Lin also earned “millions of dollars” in personal profit.
As the site’s leader, he “controlled all its operations, including employees, suppliers, and customers, and had the authority to make final decisions on every aspect.”
Lin faces numerous charges, including possession and sale of drugs and prescription medications, conspiracy, and money laundering. He could face life imprisonment on just one of the 15 counts.
In March, the administration of the darknet marketplace Incognito Market allegedly conducted an exit scam by stealing “millions” in Bitcoin and Monero. Later, the drug market began extorting users for $100 to $20,000 under the threat of publishing their data.