A high-profile cybercrime case involving a young Taiwanese man who built a multi-million dollar dark web drug empire continues to unfold as prosecutors in Taipei seize more than NT200 million (US$6.67 million) worth of his assets.
This follows his guilty plea in a U.S. federal court to multiple serious charges tied to his operations on the dark web.
FBI indictment reveals how agents infiltrated the dark web to gather evidence against Lin Ruei-shiang’s $100M drug network.
Rui-Siang Lin, a 24-year-old former National Taiwan University student majoring in information management, was arrested in May last year at John F. Kennedy International Airport in New York while transiting from Saint Lucia to Singapore.
Rui-Siang Lin, a Taiwanese IT prodigy and former diplomatic service conscript, secretly ran a global dark web drug empire while teaching cybercrime prevention to police abroad.
At the time, he was serving under Taiwan’s diplomatic substitute military service in the Caribbean nation, even delivering cybercrime training to local police — a detail he proudly shared on his LinkedIn page.
U.S. authorities later revealed that Lin operated “Incognito Market”, a dark web platform launched in October 2020 that enabled anonymous sales of illegal narcotics worldwide.
Incognito Market was a dark web platform that allowed users to buy and sell illegal drugs anonymously using cryptocurrency.
The site operated from 2020 to 2023 and processed over US$100 million in drug transactions before it was shut down.
The site facilitated the sale of over US$100 million worth of drugs, including cocaine, methamphetamine, heroin, and counterfeit prescription pills, before it was shut down in March 2023.
Vendors using the platform paid Lin a 5% commission on each transaction, which he allegedly laundered through a network of cryptocurrency accounts and wallets.
At just 19, Lin had already designed and deployed a commercially polished website that attracted over 200,000 users and supported thousands of drug dealers globally.
Over three years, he generated more than US$1 billion in revenue.
According to U.S. court documents, Lin agreed to forfeit digital assets valued at over US$105 million. These were identified across several platforms and storage methods, including cold wallets and crypto exchanges. The seized assets include:
Cryptocurrencies:
These digital funds were traced to accounts on Kraken, Binance (under user IDs 37817359, 281631139, and 832860427), and were also stored in cold wallets, including a Kingston USB hardware wallet and servers belonging to Limestone in the United States.
Non-Fungible Tokens (NFTs):
All NFTs were secured in wallets protected by seed phrases and have now been seized by U.S. authorities.
Taiwan’s Taipei District Prosecutors Office has launched its own investigation into Lin’s domestic assets.
Authorities have already frozen real estate, luxury properties in Taipei’s Tianmu district, bank deposits, and virtual currencies valued at over NT$200 million.
One of the luxury apartments Lin purchased for NT$60 million is located in this building in Tianmu, Taipei.
This effort is being coordinated with the United States through ongoing judicial cooperation.
Taiwanese law enforcement had already acted in late 2023 to freeze Lin’s domestic holdings, and further discussions are underway to determine how both sides might collaborate to recover illicit gains and compensate any victims, if applicable.
Investigators uncovered a personal contrast within Lin’s family.
His father, a well-known aerospace engineer and software entrepreneur, was once honoured as a distinguished NTU alumnus and known for supporting social causes.
The elder Lin’s software developments included tourism and campus apps widely used in Taiwan.
The father reportedly believed that “building happiness on others’ pain” was not the right path — a statement that sharply contrasts with his son's descent into digital crime.
After pleading guilty in December 2024 to narcotics conspiracy, money laundering, and conspiracy to sell misbranded medication, Lin faces a minimum of 10 years and potentially life imprisonment.
His sentence was originally scheduled for March but was delayed until September after he provided detailed information on digital fund movements and named four accomplices.
This rare postponement is seen as a sign of substantial cooperation with prosecutors, though officials in Taipei declined to comment on his statements.
If no third party challenges ownership within 60 days, all forfeited assets will be transferred to the U.S. Treasury’s Asset Forfeiture Fund, potentially to be used for law enforcement purposes or victim restitution.
This case is now considered one of the most significant joint efforts between Taiwanese and American authorities in tackling cross-border cybercrime involving cryptocurrency.
A British national, Kai West, known online as IntelBroker, was caught and indicted for working with an online cybercrime group CyberN***gers to steal data and sell them online in exchange for cryptocurrency.
XingChiA British man, Kai West, was arrested in France for allegedly running a major cybercrime ring under the alias "IntelBroker" and leaking stolen data from over 40 organisations. US investigators linked him to the crimes through a small Bitcoin payment that traced back to his real identity.
WeatherlyEther (ETH) recently rose by 17% to nearly $2,470 after easing geopolitical tensions, but institutional traders remain cautious with weak demand for leveraged long positions. Despite ETF inflows and price gains, market indicators show a neutral sentiment and a disconnect between Ethereum’s valuation and its network fundamentals.
Jason RiggsPresident Trump just signed an executive order to provide yet another extension for the banning or sale of Tiktok, while critics are calling this move outright illegal.
XingChiGarden Finance was accused of helping move stolen crypto linked to North Korea’s Lazarus Group, after earning $300,000 in fees in 12 days. An investigator said most of the funds came from the Bybit hack, but the platform’s founder denies any wrongdoing.
AnaisPrenetics, a healthcare company backed by David Beckham, bought $20 million worth of Bitcoin and plans to hold most of its treasury in the cryptocurrency. It also aims to use Bitcoin for payments and investment returns, becoming the first public healthcare firm to take this approach.
WeatherlyRussia’s Power Systems and Finam have launched the country’s first Bitcoin mining investment fund, using gas-powered rigs and requiring a minimum investment of 5 million rubles. The closed-end fund will mine Bitcoin and share profits with qualified investors, but returns depend on Bitcoin staying above $35,000.
AnaisGenius Group, a Singapore-based AI education company listed on Nasdaq, has expanded its corporate Bitcoin holdings by more than 50%, reflecting a growing trend of institutional adoption of Bitcoin as a treasury asset.
XingChiBrazil has scrapped its monthly tax exemption for crypto profits, introducing a flat 17.5% capital gains tax on all digital asset transactions. In response, MP Eros Biondini has proposed a bill to remove taxes on long-term Bitcoin holdings and promote self-custody rights.
AnaisTrump Media has received SEC approval to raise $2.3 billion through share deals and convertible notes, with plans to use part of the funds to buy Bitcoin. The company aims to hold Bitcoin in its treasury, launch a Bitcoin ETF, and offer crypto-based services through Truth Social and a new streaming platform.
WeatherlyRipple has expanded its bank ID to China and Hong Kong, but one user clarified that the update did not authorize XRP tokens for these transactions.
AlexSouth Korea is battling a surge of deepfake pornography, and the government is cracking down on Telegram, the messaging app where much of this content is being shared. The Korean Communications Standards Commission is requesting help from France to investigate Telegram and is urging other social media platforms to take action.
AnaisForbes is revolutionising its membership offerings by partnering with OKX Wallet to introduce the Forbes Legacy Pass NFT, granting access to an exclusive, token-gated community.
CatherineNaver is launching its first cryptocurrency wallet, Naver Pay Wallet, in partnership with Chiliz to integrate blockchain technology into South Korea’s digital ecosystem. This wallet will initially serve 33 million Naver users, focusing on utility and loyalty rather than just asset storage, and could expand to support additional blockchains in the future.
WeatherlyX was taken offline in Brazil after Elon Musk's refusal to comply with local laws prompted a Supreme Court ban. Over 22 million users lost access as providers enforced the block, leading many to migrate to the rival platform Bluesky, which gained 1 million new users in 3 days.
CatherineA trader turned $1,200 into $10 million with Tron Bull (BULL) in three days, but the value soon fell by 60%, leaving them with $4.3 million. This dramatic rise and fall highlight the volatile nature of meme coins, as Tron-based tokens like BULL, SUNDOG, and SUNCAT show fluctuating prices and declining values.
WeatherlyVitalik Buterin proposed a visionary city blending democracy, capitalism, and decentralisation, where citizens gain governance through digital assets, while landowners face reduced stakes and higher taxes.
KikyoOKX's Singapore entity, OKX SG, has secured a MPI license from the MAS, allowing it to offer digital payment token services and spot crypto trading. The company has also appointed former regulator Gracie Lin as CEO.
CatherineCoinbase has achieved a major milestone by facilitating its first AI-to-AI cryptocurrency transaction, where one AI bought tokens from another using USDC on the Base platform. This development allows AI agents to conduct transactions globally and instantly, bypassing traditional banking barriers and potentially transforming financial interactions.
AnaisPixelcraft Studios, creator of Aavegotchi, is launching a members-only Ethereum gaming network Geist. It aims to tackle "industrial farming" issues in crypto gaming and is set for a late September or October launch.
Kikyo