A massive dark web marketplace has been shut down thanks to a collaboration between cryptocurrency exchange Binance and law enforcement agencies. The operation, led by the US Department of Justice, resulted in the arrest of 270 people and the seizure of over $200 million in cash and crypto assets.
Binance’s financial intelligence unit played a key role in tracking down the admins of Incognito Market, a platform that processed over $100 million in illegal sales. The unit was able to follow the crypto transactions and uncover complex layers of anonymity and money laundering.
The collaboration between Binance and law enforcement is part of a growing global effort to combat crime facilitated by cryptocurrencies. The operation was part of the international initiative “RapTor,” led by the US Department of Justice and executed in conjunction with police agencies from at least 10 countries.
The RapTor Operation: 270 Arrests and $200 Million Seized
According to official information published by the US Department of Justice, the RapTor operation led to the arrest of 270 people, including sellers, buyers, and admins of the marketplace. Additionally, authorities seized over 180 firearms, 144 kilograms of fentanyl and other adulterated drugs, and over $200 million in cash and crypto assets.
The global scope of the operation highlights the increasing cooperation between governments, law enforcement, and private sector actors. This cooperation is essential in combating digitalized crime networks.
Binance’s role in the operation was technical and strategic. The company’s financial intelligence unit was able to track the on-chain activity linked to Incognito Market, revealing complex layers of anonymity and money laundering. The unit identified the admins’ wallets and provided key information that led to multiple arrests.
Main Operator Caught
The report on Binance’s collaboration in this case comes a year after US authorities caught the main operator of Incognito Market. The operator, a Taiwanese citizen named Rui-Siang Lin, was arrested at John F. Kennedy International Airport in New York City. Lin faces charges related to ongoing criminal activity, conspiracy to trade narcotics, money laundering, and conspiracy to sell adulterated or mislabeled drugs. If convicted, he could face life in prison.