How crypto made and undid the $100M Incognito dark web market
The massive dark web drug marketplace used cryptocurrency, the same technology that ultimately allowed FBI agents to locate and arrest its creator, who now faces 30 years in prison.
The creator of Incognito Market, the online black market that used crypto as its economic heart, has been sentenced to 30 years in prison after some blockchain sleuthing led US authorities straight to the platform’s steward.
The Justice Department said on Wednesday that a Manhattan court gave Rui-Siang Lin three decades behind bars for owning and operating Incognito, which sold $105 million worth of illicit narcotics between its launch in October 2020 and its closure in March 2024.
Lin, who pleaded guilty to his role in December 2024, was sentenced for conspiring to distribute narcotics, money laundering, and conspiring to sell misbranded medication.