As a researcher with a background in cybersecurity and illicit marketplaces, I find this case particularly intriguing. The arrest of Rui-Siang Lin, also known as “Pharoah,” who operated the $100 million dark web narcotics marketplace ‘Incognito Market,’ is a significant achievement for law enforcement agencies worldwide.
The FBI apprehended the proprietor of a dark web narcotics marketplace following the tracing of suspicious cryptocurrency transactions.
Rui-Siang Lin, a 23-year-old resident of Taiwan, was convicted for managing a black market on the dark web worth over $100 million, dealing in illicit drugs.
Lin, who goes by the online moniker “Pharoah,” was taken into custody at the John F. Kennedy Airport in New York on May 18. For nearly four years, he ran the “Incognito Market” and amassed a fortune reportedly worth “millions of dollars in personal earnings,” according to FBI Assistant Director in Charge James Smith’s official announcement.
An enormous, clandestine online marketplace, operating on an onion routing system, could be reached using the Tor web browser. This browser enables users to explore the hidden corners of the internet with anonymity by directing their online activity through a maze of interconnected servers.
The platform operated using digital currencies such as Bitcoin and Monero, enabling customers to purchase a range of substances including LSD, MDMA, and prescription medications like Adderall.
Through the cooperation of various law enforcement agencies and undercover investigations, the FBI successfully traced cryptocurrency transactions on the marketplace back to Lin. These transactions were conducted using a verified centralized crypto exchange account belonging to him.
Four of the Bitcoin transactions detected by the authorities from Lin’s wallet were routed to a “cryptocurrency swap platform” for converting them into Monero (XMR), a digital currency known for its privacy features. Subsequently, the obtained Monero was transferred to a crypto exchange account owned by Lin.
As a crypto investor, I’d put it this way: The FBI managed to obtain my driving license, an email address, and a phone number from one cryptocurrency exchange, leading to my arrest. My account grew significantly, from holding $63,000 worth of crypto in 2021 to nearly $4.2 million by 2023. Another unnamed exchange account related to the case saw deposits totaling $4.5 million between July and November 2023.
I discovered that the phone number in question was associated with a Namecheap account. Namecheap is a popular domain hosting platform. Money from Lin’s digital wallet was utilized to acquire a domain that advertised a dark web marketplace.
Lin possessed active trading accounts with cryptocurrency platforms Binance and Kraken; however, these accounts are currently under control of the FBI.
According to the U.S. Department of Justice (DOJ), the marketplace was shut down in March 2024.
Lin is currently facing two criminal charges. For the first charge, he is accused of being involved in an ongoing criminal enterprise, which comes with a compulsory minimum penalty of life imprisonment. In addition, for the second charge, he stands trial for narcotics conspiracy, and if found guilty, he could serve a minimum sentence of 10 years and a maximum possible term of life imprisonment.
Lin is currently accused of money laundering and conspiring to sell substandard and misrepresented medication, carrying a potential sentence of up to five years in prison. Furthermore, the FBI recently discovered a $43 million Ponzi scheme advertised as a lucrative crypto investment opportunity.
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2024-05-21 12:34