According to The Block, the US Department of Justice (DOJ) seized the dark web drug market that processed $80 million worth of cryptocurrency.
According to the U.S. Department of Justice, the dark web drug market called Incognito Market facilitated the sale of substances including fentanyl, cocaine, heroin, methamphetamine and other illegal drugs in the United States and around the world.
The platform charged a 5% transaction fee for drug purchases, according to DOJ data. At this point, the platform accepted Bitcoin (BTC) or the privacy-focused cryptocurrency Monero (XMR) as transaction fees.
Incognito Market has processed $80 million worth of cryptocurrency transactions during its three-year operation.
In its statement, the DOJ stated that the chief executive of Incognito Market was arrested.
US Attorney Damian Williams of the Southern District of New York said in his statement:
“As alleged, Rui-Siang Lin operated a sophisticated and dangerous online narcotics market from which he profited millions of dollars at the expense of the community.
Lin was arrested at John F. Kennedy Airport.”
*This is not investment advice.
