US authorities capture the operator of Incognito Market, a crypto drug market on the Dark Web – DiarioBitcoin

As detailed in the DOJ, Incognito Markets processed more than USD $100 million in the drug trade, of which about USD $80 million was made with cryptocurrencies such as Bitcoin and Monero.

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• US authorities capture the operator of Incognito Markets
• The platform allowed drug trading on the Dark Web, all through cryptocurrency payments
• The platform processed at least USD $100 million, of which USD $80 million was made with BTC and XRM
• The suspect is accused of charges related to illicit activities, drug trafficking and money laundering.
• He could face life imprisonment if convicted of drug trafficking crimes.

US authorities captured the main administrator behind Incognito Marketan illegal market platform that operated on the Dark Web, where drugs were mainly traded through cryptocurrency payments.

Charges against administrator Incognito Market

This was reported by the US Department of Justice (DOJ) in a statement published this week, where they indicate that the owner of Incognito Marketa Taiwanese citizen named Rui-Siang Lin, was captured at John F. Kennedy International Airport, located in New York City.

According to the statement, the Federal Bureau of Investigationbetter known by its acronym as FBI, An investigation was underway against the platform, indicating that it processed approximately USD $100 million in illicit operations. Of this total accounted for, some USD $80 million were processed in cryptocurrencies, this through payments made with Bitcoin (BTC) and Monero (XRM).

In this regard, Attorney General Merrick B. Garland commented:

“Drug traffickers who think they can operate outside the law on the dark web are wrong. As alleged, Rui-Siang Lin was the architect of Incognito Market, a $100 million Dark Web scheme to traffic deadly drugs into the United States and around the world. The long arm of the law extends to the Dark Web, and we will bring to justice those who try to hide their crimes there.

Rui-Siang Lin, also known as Pharoah, faces charges related to continued criminal activity, conspiracy to trade narcotics, money laundering activities and promotion, and conspiracy to sell adulterated and/or misbranded medications. Federal prosecutor Damian Williams indicated that the defendant obtained millions of dollars at the expense of the community, this by operating a “sophisticated and dangerous online narcotics market.”

Regarding the operations of Incognito Market, the authorities detailed that users could open an account by completing a few simple steps, and could subsequently access lists of medications and drugs available on the website. As such, the platform was not the one that marketed these products, but it did create the space for buyers and sellers to interact, charging 5% of each operation to support operating costs and the payment of operators.

Given the magnitude of the case, the defendant will go to trial to determine if he is guilty of the charges. He faces a maximum penalty of life imprisonment if it is proven that he conspired to traffic narcotics, and sentences ranging from 5 to 20 years in prison for the other crimes mentioned.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.