On May 29, according to East Taiwan News, the FBI recently cracked the Dark Web drug trading platform "Incognito Market" and unexpectedly identified the mastermind "Pharaoh" as Lin Ruixiang, a National Taiwan University graduate. It was later revealed that Lin often claimed to be a virtual currency trader and publicly shared his trading records online. He reportedly reached VIP Level 3 on a crypto trading platform, indicating monthly transactions exceeding $1 million, which attracted hackers who stole all his cryptocurrencies and Non-Fungible Tokens, causing financial difficulties.
Lin established the drug trading platform "Incognito Market" in 2020, attracting over 200,000 global users and thousands of drug dealers. Within just 3 years before being shut down by US law enforcement in March 2024, the Dark Web platform had sold over $100 million worth of drugs and narcotics.
During this period, Lin temporarily closed Incognito Market in 2024 but reopened it days later, threatening users with a potential exposure of evidence unless they paid up to $20,000 in "hush money".
Foreign media pointed out that his desperate attempt to extort users stemmed from his high-profile online persona as a crypto trader, frequently boasting about massive profits and his VIP Level 3 status on trading platforms, signifying monthly transactions over $1 million.
This attention-seeking behavior attracted hackers who successfully tricked Lin into downloading a virus program, ultimately stealing his cryptocurrencies and Non-Fungible Tokens. Media noted that BAYC, highly popular among crypto enthusiasts and even owned by Jay Chou, could be worth tens to hundreds of thousands of dollars, with peak prices reaching over $3.4 million. Lin reportedly owned at least 3 such tokens, suffering significant losses.
This hacking incident severely impacted Lin's finances, pushing him to attempt a final extortion before shutting down Incognito Market. Following this ransomware action, the platform's credibility completely collapsed and the trading platform ultimately disintegrated.
