Binance Aids US and Taiwan in Shutdown of Incognito Market With 270 Arrests, $200M Seized, 144kg Fentanyl, 180 Firearms

Binance played a key role in assisting U.S. and Taiwanese authorities in dismantling Incognito Market, a dark web drug platform responsible for over $100 million in sales. The joint operation resulted in the arrest of more than 270 suspects and the seizure of $200 million in assets, 144 kilograms of fentanyl-laced drugs, and over 180 firearms. This action highlights the growing collaboration between law enforcement and cryptocurrency platforms to combat financial crime and fraud in the digital asset space. In 2024, over $10 billion in digital assets were lost to fraud, prompting initiatives such as a crypto bootcamp hosted by the FBI Cleveland office to train journalists on tracing funds and disrupting crypto crime. Jeremy Sheridan, a former Secret Service agent who founded the agency's first digital asset investigative unit, has recovered over $2.5 billion in stolen funds, exemplifying the increasing efforts to address financial crime within the crypto sector.