Bittime - Lin Rui-siang the Pharaoh, trained police against crypto crime but made $100 Million from drug deals on the Dark Web.
No one really knows the journey of human life, it wouldn't even be wrong to call it strange.
For example, Lin Rui-siang, a 23-year-old young cybersecurity expert who previously trained police against crypto crime, but apparently has a drug business on the Dark Web worth $100 million.
Who is Lin Rui-siang?
Lin Rui-siang or Rui-Siang Lin alias “林睿庠” is a 23 year old young man who according to his LinkedIn account works or is affiliated with the Taiwanese Ministry of Foreign Affairs.
Until now there has been no further clarity regarding Lin Rui-siang's relationship with the Taiwanese Ministry of Foreign Affairs after he was involved in a major case.
Lin Rui-siang studied formally at National Taiwan University from 2019 - 2023.
Lin Rui-siang's expertise in the fields of digital security, cryptocurrency and blockchain has been proven with official licenses and certificates such as Google Cybersecurity Specialization and Chainalysis Reactor Certification (CRC).
Also Read: South Korea Plans to Establish a Permanent Unit to Fight Crypto Crime
If you look at his work history, for the last five years Lin Rui-siang has worked in the fields of Blockchain, Cybersecurity, Web3, and Cryptocurrency .
Thanks to his expertise, Lin Rui-siang has been appointed as a cybersecurity training instructor at the Saint Lucia Police Academy.
Unfortunately, this positive track record left Lin Rui-siang with a problematic side, because it turned out he was caught managing a drug marketplace on the Dark Web, and various other digital crimes.
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Lin Rui-siang and His Role in 'Marketplace-1'
Referring to the report released by the FBI through an investigation conducted by Mark Rubins, Lin Rui-siang is a defendant in one of the largest illegal drug markets on the internet called "Marketplace-1"
At “Marketplace-1”, apart from being the founder, Lin also served as a supervisor of daily operations with the sale of drugs such as heroin, cocaine, methamphetamine, LSD and illegal drugs.
As the main manager of Marketplace-1, Lin Rui-siang has complete control over more than a thousand merchants (who sell narcotics at Marketplace-1), more than 200,000 customers (who buy narcotics at Marketplace-1), and at least one other person, an employee which helps LIN in managing the site.
During the more than three years that Marketplace-1 has been operating, the FBI has discovered that Marketplace-1 has transacted approximately $80,000,000 in crypto and sold more than 1000 kilograms of narcotics.
Lin himself is estimated to have accumulated millions in personal profits in his work as the main administrator at Marketplace-1.
Also Read: Chinese Attorney General's Crackdown on Blockchain Cybercrime
Crypto Involvement in Marketplace Operations-1
As a 'marketplace', Marketplace-1 has its own 'Bank'. Through this bank, sellers and customers carry out drug transactions at Marketplace-1. The operational techniques are quite complicated.
Customers are required to deposit crypto assets such as Bitcoin or Monero into Bank Marketplace-1, after making the deposit, the stored funds can be used to make purchases from vendors.
After the purchase is made, the crypto assets are then transferred from the buyer's bank account to the vendor's bank account. Both buyers and vendors can withdraw funds from the Bank to their personal crypto wallets.
The flow of deposits via the Bank, carried out by both customers and vendors, shows a great level of trust in Marketplace-1, especially in its administrator, Lin Rui-siang.
Because, after crypto assets are stored, customer and vendor assets are under the control and ownership of Marketplace-1.
Marketplace-1’s “bank” is also designed to further obscure the location and identity of vendors and customers from each other and from law enforcement by adding a layer of anonymity to transactions in the marketplace and keeping vendor and buyer financial information separate, making them more easily accessible.
Lin Rui-siang: The Pharaoh at the Center of the Digital Crime Universe
Rui-Siang Lin as Pharaoh in the Dark Web
During his years as a crypto-focused worker at Cathay Financial Holdings in Taipei and then as a young IT staffer at the Taiwanese embassy in St. Lucia, Lin allegedly led a double life as a dark web figure under the name "Pharaoh" or "faro."
His life of contradictions is quite strange even by the standards of the dark web, where secret lives are commonplace.
In his short career, Pharaoh launched Incognito, building a popular crypto black market with enhanced security features.
However, he suddenly stole funds from customers and drug dealers in what is known as an “exit scam,” and in a particularly dangerous move, blackmailed users with the threat of revealing details of their transactions.
Also Read How to Buy Crypto:
From Narcotics Conspiracy to Money Laundering
Lin was not only charged with narcotics conspiracy and money laundering, but also running a “continuing criminal enterprise,” known as the kingpin statute.
This law applies to organized crime leaders who supervise at least five employees. For this charge alone, he faces a possible life sentence.
In the DOJ's criminal complaint against Lin, the document refers to handwritten notes the FBI obtained from his emails, which appear to explain a flowchart of dark web market mechanisms.
Also Read: FBI Warns of Million Dollar Bitcoin Ransomware Attack by Akira
The FBI affidavit states that Lin emailed this sketch in March 2020 when he was about 19 years old.
The sketch explains functionality such as how “vendors” and “buyers” register, make purchases, and encrypt shipping addresses.
Seven months later, Lin allegedly launched Incognito Market.
Source: https://wired.com/
According to the FBI, this market took almost a year to develop and there were almost no sales during that period.
However, in late 2021, Incognito started attracting users, and by mid-2022, the market had grown enough to generate sales of over $1.5 million per month.
Black Market 'Dark Web' Quick Review
A 2022 Twitter thread by Eileen Ormsby, author of several books about the dark web including "The Darkest Web," shows how Incognito Market has added features that appeal to users concerned about security and safety.
The marketplace requires new users to demonstrate ability to use PGP encryption tools before logging in, encouraging them to take a security quiz, allowing purchases using more privacy-focused crypto assets such as Monero and Bitcoin.
This prompted dealers to post fentanyl test results showing their products were “toxin-free,” and even experiment with democratic voting for market decisions.
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Providing Training Against Crypto Crime to the Police
Source: LinkedIn Rui-Siang Lin
Before he stumbled upon serious cases that dragged down his name and reputation, Lin Rui-siang once provided training to police regarding crypto crimes.
Through his personal LinkedIn, Rui-siang Lin shared his happiness and pride at being trusted to be an instructor for the crypto crime fighting training program held by the Saint Lucia Police Academy on March 25 - 28 2024.
On this occasion, Lin invited 30 selected participants to understand the principles of cryptocurrency, explore digital crime, and conduct investigative discussions involving high-level digital skills.
A figure like Lin Rui-siang who really understands the world of crypto, even the darkest side of crypto, can be a lesson for us to stay on the right track.
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Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Cardano Collaborates with Dubai Police to Fight Crime with Blockchain Technology
New Scandal! KuCoin Accused of Helping Criminals Launder Billions of Dollars in Money
Kabosu: Iconic Dog Behind Memecoin DOGE Passes Away
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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