A top student from National Taiwan University was arrested for operating an international drug trafficking website and had previously suffered significant losses in encryption assets due to a phishing attack.

On May 29, according to Taiwan's Eastern Sen News, the Federal Bureau of Investigation (FBI) recently cracked the "Incognito Market" (Incognito Market), a dark web of international drug trafficking, and unexpectedly found out the mastermind behind the scenes, "Pharaoh", who is Lin Ruizhen, a graduate of the Department of Asset Management of National Taiwan University. Later, it was revealed that Lin Ruizhen claimed to be a virtual currency player in recent years, and often disclosed his transaction records on the Internet in a high-profile manner. It is understood that his level on the virtual currency trading platform has reached VIP level 3, which means that the monthly trading volume exceeds $1 million, before he will be targeted by hacker groups and steal all the currencies and NFTs in his exchange account by hacking and stealing all the currencies and NFTs in his exchange account, which will lead to his financial failure. It is understood that Lin Ruizhen established the drug trading platform "Stealth Market" in 2020, attracting more than 200,000 users around the world to use it, and thousands of drug heads selling drugs on the platform. In just three years before he was busted by U.S. law enforcement in March 2024, the dark web had sold more than $100 million worth of drugs and narcotic drugs. During this period, Lin Ruizhen once closed the stealth market in 2024, but restarted the website a few days later, but this "small surprise" threatened all platform users to pay a maximum of 20,000 US dollars (about NT$600,000) "hush money", otherwise the relevant evidence of the crime will be made public. Foreign media pointed out that the reason why he jumped over the wall in a hurry to threaten users to cut a fortune is because he has claimed to be a virtual currency player on the Internet in recent years, and often publishes huge profit and loss figures on the community to show off his performance, and shows off that he has reached the "VIP level 3" of the exchange, which means that his monthly trading volume threshold exceeds $1 million. Such a high-profile act led to him being targeted by a group of hackers. The hackers, claiming to be investors, managed to trick Lin into downloading some kind of virus program, and eventually stole the virtual coins and NFTs from his account. Some media pointed out that the NFT "Bored Ape", which is very popular with players in the currency circle, was bought and held by even the king Jay Chou, with prices ranging from tens of thousands to hundreds of thousands of dollars, but the price could once be sold for more than $3.4 million during the peak period, and Lin Ruizhen had held at least 3 of them, and it was a heavy loss after the theft. It was this hacking operation that caused Lin Ruizhen's finances to suffer a heavy blow and gradually failed to turn around, so he decided to "do a vote" to extort users before shutting down the stealth market. And after this extortion operation, the credit of the stealth market completely collapsed, and the trading platform collapsed.