Incognito Market Scandal and BTC Usage
Rui-Siang Lin, the creator of Incognito Market, was sentenced to 30 years in prison by the US Manhattan court. According to the Department of Justice, the platform sold $105 million worth of drugs between October 2020 and March 2024 and operated using BTC detailed analysis and XMR, taking a 5% commission. Lin was found guilty of drug distribution, money laundering, and selling counterfeit drugs; he also received 5 years of supervised release and a $105 million restitution penalty.
Source: US Attorney SDNY
FBI’s BTC Wallet Tracking and Lin’s Capture
The FBI tracked the platform’s crypto wallets using blockchain analysis to identify Lin. In March 2024, Lin shut down Incognito, stole at least $1 million from user funds, and published an extortion message: “YES, THIS IS AN EXTORTION!!!” He was arrested in New York in May 2024; transfers were linked to his account on a crypto exchange using his Taiwan driver’s license. His deposits rose from $63,000 in 2021 to $4.2 million in 2023.
Lin’s extortion message. Source: Department of Justice
This incident demonstrates the role of BTC’s traceability in catching criminals; despite privacy-focused XMR, blockchain forensics proved effective. It may set a precedent for crypto regulations.
BTC Technical Outlook and Market Impact
BTC is currently at the $70,827.61 level, in a downtrend with a 24h -7.18% drop. RSI 21.66 (Oversold), EMA 20: above $83,047. Supports: S1 $70,165 (strong, -2.35%), S2 $58,306. Resistances: R1 $73,418 (+2.17%), R2 $76,620. Dark web news is creating negative sentiment, while BTC futures may increase volatility. Watch XMR analysis.
- Trend: Bearish Supertrend
- RSI: 21.66 (Oversold)
Source: https://en.coinotag.com/incognito-market-founder-sentenced-to-30-years-in-prison
