at recent days campaign In connection with illicit transactions involving crypto assets, the US Department of Justice (DOJ) arrested Roy Siang Lin, a 23-year-old from Taiwan. Lin, who also goes by the names Pharoah and Faro, is accused of owning and operating a dark web drug market known as “Incognito Market.”
The platform allegedly facilitated anonymous cryptocurrency-based transactions of illegal drugs totaling more than $100 million worldwide.
A $100 million crypto operation has been exposed
According to Following the complaint and indictment, Incognito Market emerged in October 2020 as an online drug market operating on the dark web. Until its closure in March, the market had facilitated the sale of more than $100 million in drug cryptocurrencies, including large quantities of cocaine and methamphetamine.
The incognito market can be accessed by global users with an internet connection, and can be accessed via the Tor web browser on the dark web. Lin, who operates under the online aliases “Pharoah” or “Faro”, has served as a market leader. He supervised all of its operations, including employees, vendors and customers.
US Attorney Damian Williams for the Southern District of New York stressed that Lane's alleged operation exploited the community for personal gain, stressing that criminal actors will be pursued regardless of whether they operate on street corners or the “dark corners of the Internet.”
Dark web drug lord arrested
According to the Department of Justice, the incognito market is designed to facilitate drug trafficking Transactions worldwide by integrating features common to legitimate e-commerce sites, such as branding, advertising, and customer service.
Users were reportedly able to access the marketplace by logging in with unique usernames and passwords, allowing them to search thousands of listings for the drugs of their choice.
The platform also allegedly sold illegal drugs and misbranded prescription drugs, including heroin, cocaine, LSD, MDMA, oxycodone, methamphetamine, ketamine and alprazolam.
For individuals to become sellers on Incognito Market, they had to register on the site and pay an entry fee. In exchange for listing and selling the drugs, sellers paid 5% of the purchase price to Incognito Market. Lin has made millions of dollars in profits from… practical.
Interestingly, the market had a “bank” that allowed users to deposit cryptocurrency assets into their “digital bank accounts.” After the transaction was made, the cryptocurrency was transferred from the buyer's account to the seller's account, taking the incognito market into account. 5% fee.
Lane was arrested on May 18 at John F. Kennedy Airport and is scheduled to appear before U.S. Magistrate Judge Willis in Manhattan federal court.
If found guilty, Lin faces severe penalties, including a maximum sentence of life in prison on the drug conspiracy charge, a maximum sentence of 20 years on the money laundering charge, and a maximum sentence of 20 years on the drug conspiracy charge.
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