The owner of the dark web marketplace Incognito Market has been sentenced to 30 years in federal prison for running what prosecutors describe as one of the world’s largest online narcotics platforms.
Rui-Siang Lin, who operated under the alias “Pharaoh,” pleaded guilty in late 2024 to conspiring to distribute drugs, money laundering and selling adulterated and misbranded medication.
U.S. District Judge Colleen McMahon ordered the sentence in Manhattan federal court and ordered Lin to forfeit more than $105 million.
Court filings say Incognito Market operated from October 2020 until its shutdown in March 2024 and facilitated more than $105 million in drug sales.
Authorities say the platform sold over 1,000 kilograms of cocaine, more than 1,000 kilograms of methamphetamine and hundreds of kilograms of other drugs, along with counterfeit prescription pills, some containing fentanyl.
Incognito Market was built to resemble a legitimate online marketplace, complete with branding, advertising and customer support tools. Vendors paid a 5% commission on each sale and transactions moved through an internal cryptocurrency “bank” that masks the identities of buyers and sellers.
Prosecutors say Lin pocketed more than $6 million and oversaw more than 400,000 buyer accounts, 1,800 vendors and about 640,000 transactions.
Prosecutors also say Lin shut down the marketplace in 2024 by stealing user funds and tried to extort customers and vendors by threatening to expose their identities and crypto addresses.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Man Who Sold $105,000,000 of Illegal Narcotics Through Crypto-Based Marketplace Receives 30 Years in Prison: DOJ appeared first on The Daily Hodl.
The owner of the dark web marketplace Incognito Market has been sentenced to 30 years in federal prison for running what prosecutors describe as one of the world’s largest online narcotics platforms. Rui-Siang Lin, who operated under the alias “Pharaoh,” pleaded guilty in late 2024 to conspiring to distribute drugs, money laundering and selling adulterated
The post Man Who Sold $105,000,000 of Illegal Narcotics Through Crypto-Based Marketplace Receives 30 Years in Prison: DOJ appeared first on The Daily Hodl. Scams, Hacks & Breaches, Crypto, incognito market, Marketplace, News
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.