The alleged owner and operator of Incognito Market, an online marketplace that deals with the illegal sale of drugs, was arrested at John F. Kennedy Airport in New York.
According to the investigation, the illegal Incognito Market was used to sell drugs worth over $100 million (selling 295 kilograms of methamphetamine, 364 kilograms of cocaine, 112 kilograms of amphetamine and 92 kilograms of ecstasy).
The market first appeared in October 2020 and closed in March 2024. On May 18, 23-year-old Rui-Siang Lin, also known as Ruisiang Lin, Pharoah, and Faro, was arrested, believed to be the owner and manager of the market, overseeing all activities.
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As the Justice Department said, Lin “had ultimate decision-making authority over every aspect of the multimillion-dollar business.”
“LIN had complete control over more than a thousand vendors (those selling drugs on the anonymous market), more than 200,000 customers (those buying drugs on the anonymous market), and at least one other employee who helped manage the site,” according to the indictment [PDF].
“After registering, customers could choose which drugs to purchase and from which supplier and pay for those drugs using cryptocurrencies, in transactions facilitated by a payments platform that Incognito Market described as a “bank” (the “Incognito Bank”).“.
According to the complaint [PDF], in July 2022 and August 2023, law enforcement executed search warrants to gain access to three servers that were connected to the illegal drug market and contained significant data.
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Authorities found dozens of databases containing information on at least 1,312 supplier accounts, 255,519 customer accounts and 224,791 transactions linked to purchase orders.
When analyzing the transaction data, it was also seen how the market's sales volume gradually increased.
The Incognito Market generated $83,624,577 in revenue throughout its operation.
In March 2024, Lin abruptly shut down the marketplace, refusing to refund sellers' and customers' and threatening to publish the transaction history for all users unless they gave him extra money.
If convicted, Lin will face a mandatory minimum sentence of life in prison for participating in an ongoing criminal enterprise.
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Illegal drug purchases online
The rise of these illegal online markets has raised concerns about the accessibility and availability of drugs to individuals, particularly young people. The anonymity and ease of access provided by the dark web make it an attractive platform for drug sellers and buyers, making it difficult for law enforcement to monitor and shut down these operations.
See also: Authorities shut down dark web marketplace Kingdom Market
In response to the growing problem, law enforcement agencies are stepping up their efforts to monitor and shut down these illegal businesses, as evidenced by the arrest of the owner of Incognito Market.
Source: www.bleepingcomputer.com
