Main Takeaways
Incognito Market, a notorious darknet drug marketplace, was dismantled in a global operation led by U.S. and Taiwanese authorities.
Binance’s FIU provided critical intelligence, traced illicit crypto flows, and froze over $3.5 million in assets linked to the platform.
This case underscores Binance’s continued commitment to safeguarding the crypto ecosystem through global collaboration and transparency.
In a major international operation codenamed Operation RapTor, U.S. and Taiwanese law enforcement successfully dismantled Incognito Market – a notorious darknet marketplace that facilitated over $100 million in illegal drug sales. Binance's Financial Intelligence Unit (FIU) played a pivotal role in helping bring the platform’s operators to justice.
Incognito Market
According to the U.S. Department of Justice and public records, Incognito Market allowed users to browse and purchase over 1,000 types of illicit drugs – including heroin, cocaine, and methamphetamine – while using cryptocurrency to conceal their identities through pseudonymous wallet addresses. To facilitate these transactions, the platform built its own “banking” infrastructure, relying heavily on crypto assets to process payments. However, what the perpetrators thought was a shield turned out to be a trail.
Following the Digital Breadcrumbs
Despite Incognito Market’s use of advanced privacy tools and multiple firewall layers, FIU successfully assisted law enforcement in tracing crypto wallets tied to the platform’s internal “banking system.” By mapping the illicit flow of funds, Binance’s FIU linked these wallets to a Taiwanese national surnamed Lin, known by the alias “Pharaoh,” who profited millions by leading and supervising the platform’s illegal operations.
Our team also froze over USD $3.5 million in related crypto assets, disrupting the network’s financial infrastructure. Lin was later arrested and pleaded guilty in a U.S. federal court to narcotics conspiracy, money laundering, and distributing misbranded drugs.
Fact: Crypto Leaves a Trail
“This case is a powerful reminder that blockchain offers no safe haven for criminal activity,” said Nils Andersen-Röed, Global Head of Binance’s Financial Intelligence Unit. “Even with sophisticated privacy tools, every crypto transaction leaves a digital trail – which is increasingly vital in today's law enforcement investigations.”
Andersen-Röed emphasized, “Cross-border collaboration and public-private partnerships are no longer optional – they are essential.” He pointed out that as crypto cases become more complex, effective crime-fighting depends on global cooperation.
Commitment to a Safer Ecosystem
This isn’t the first time Binance has played a key role in dismantling illegal networks. In another recent case, the company supported Europol in taking down Kidflix, one of the world’s largest child exploitation platforms. Binance contributed by helping uncover the platform’s internal payment systems and assisting in the identification of over 100 users involved.
These cases mark more than just isolated wins – they’re part of a growing track record that underscores Binance’s deep-rooted commitment to protecting the crypto space. By working hand-in-hand with global law enforcement, we’re showing that the future of crypto is built not just on innovation, but also on transparency, accountability, and trust. Each successful operation is proof that when public and private forces join hands, cybercriminals lose – and justice gains ground.
