From Black Market Crypto Millions to 30 Years in Prison: The Story of Pharoah

The history of cybercrime has never recorded a case like this — a notorious black market operator openly boasting about their illegal activities. Rui Siang Lin, also known as Pharoah, has just been sentenced to 30 years in prison for running Incognito Market, a notorious dark web marketplace. Notably, throughout its operation, Lin did not hide his identity; he even publicly shared his “achievements” on social media.

The $105 Million Illegal Empire of Rui Siang Lin

From 2020 to 2024, Rui Siang Lin built an enormous illegal platform. Incognito Market served over 400,000 customers worldwide, with illegal sales equivalent to one ton of goods, creating an illegal economic empire worth $105 million. This figure not only reflects boldness but also demonstrates the scale of modern cybercrime.

The “Almost Perfect” Mechanism of the Secret Marketplace

To maintain anonymity, Incognito Market operated a sophisticated internal banking system. Users deposited cryptocurrencies into the platform to conduct transactions without leaving traces. Lin profited from each transaction by charging a 5% fee, with net profits reaching $6 million. However, what truly surprised the community was that while operating this crypto-based illegal activity, Lin also taught Caribbean Coast Guard officers about… cybercrime prevention and cryptocurrency. This deception only highlights the mindset of criminals trying to conceal their true nature.

Million-Dollar Exit Scam and a Dangerous Turning Point

By 2024, Lin decided to make his final move — a sophisticated exit scam. He stole at least $1 million from user accounts, shut down the marketplace, and shifted to extortion. Lin threatened to publicly reveal vendors’ transaction histories to force payments. This was not just a scam but also a brutal act of manipulation and continued victim exploitation.

30 Years in Prison: The Consequences of Illegal Ambition

Lin’s escape ended at JFK Airport in May 2024 when he was arrested. In addition to a 30-year prison sentence, the court confiscated all $105 million of his illegal assets. However, these legal figures are only the tip of the iceberg — an Arkansas customer died after using counterfeit drugs purchased on Incognito Market. This incident proves that online crimes are not confined to screens; they can have deadly real-world consequences.

Pharoah’s story is a stark warning: no illegal marketplace can hide forever, and using cryptocurrency to conceal illicit activities is not a solution but a reckless step leading to devastating consequences.