Cryptocurrency Dark Web Drug Market Operator Rui-Siang Lin Sentenced to 30 Years in Prison
February 4th, CoinDesk reported: Rui-Siang Lin—the alleged operator of dark web drug marketplace Incognito Market—was sentenced to 30 years in U.S. federal prison Tuesday, marking one of the largest online drug market cases since the Silk Road case.
The U.S. Attorney’s Office for the Southern District of New York stated Lin used cryptocurrency and anonymous tools to hide his identity, but investigators linked him to the platform via domain records and digital traces.
Lin, whose online alias was “Pharaoh,” pleaded guilty in December 2024 to multiple charges including drug conspiracy, money laundering, and conspiracy to sell counterfeit and mislabeled drugs. The office noted the platform facilitated over $105 million in illegal drug transactions between October 2020 and March 2024, with more than 640,000 transactions serving hundreds of thousands of global buyers.
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Tether has lowered its fundraising goal from $20 billion to $5 billion
On February 4, the Financial Times reported that stablecoin issuer Tether has reduced its funding target from a prior $15 billion–$20 billion range to $5 billion, as investors have raised questions about its $500 billion valuation.
Tether CEO Paolo Ardoino told an interviewer the $15 billion–$20 billion figure was a “misunderstanding”—it was only the maximum amount the company was willing to sell, not a formal target. He stressed Tether is highly profitable and “very satisfied” even without selling equity.
Ardoino also likened Tether to an AI firm, saying: “AI companies generate the same profit as us—except there’s a negative sign in front.” The stablecoin issuer reportedly earned ~$10 billion last year, mostly from returns on its held assets, though 2025 profit is expected to fall by roughly 25% year-over-year.
Earlier reports noted that in September 2025, Tether sought to raise up to $20 billion at a $500 billion valuation.
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「20M Range Sniper」 Takes Profit on ETH Long, Position Size Reduced to $1,096,500
On February 4, monitoring by HyperInsight (via https://t.me/HyperInsight) shows the "20 Million Band Hunter" address (0x880a...) closed out part of its ETH long position, reducing 155.17 ETH long contracts worth roughly $366,100.
Following this move, the total value of its ETH long position fell to $1.0965 million. The position is currently in floating profit of ~$9,600, with a 10.51% return rate. Its average entry price rose from $2,257.91 to $2,259.63.
This address has long focused on high-frequency multi-asset arbitrage trading, with an average holding period of ~20 hours. Since October 2023, starting with an initial principal of ~$20 million, it has accumulated nearly $100 million in realized profits.
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US-listed Company Skysat Plans to Acquire 15,000 Bitcoins Through Equity-Linked Transactions
**Feb 4 (Cointelegraph) — Nasdaq-listed insurance broker Tranquilidade announced Wednesday it has struck a strategic agreement with an undisclosed investor, who will contribute 15,000 Bitcoin (BTC) in exchange for equity. The firm is currently valued at ~$1.1 billion.**
**The deal also includes a strategic collaboration focused on artificial intelligence (AI) and cryptocurrency, with plans to co-found an innovation lab to develop:
- AI-driven trading and risk management tools
- Blockchain infrastructure
- Decentralized applications (dApps)
- Products covering Layer 2 networks, decentralized finance (DeFi), and non-fungible tokens (NFTs)**
**Per Bitget data, Tranquilidade’s (ticker: TIRX) share price closed at $0.15 Wednesday, marking a 98.41% jump. Its market cap stands at ~$7.48 million—well below the value implied by the proposed BTC deal.**
**Should the transaction close, Tranquilidade (set to receive 15,000 BTC) would become the world’s eighth-largest publicly trad
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Since October, the "buddy" has deposited a total of $13.16 million and is now close to being wiped out, with funds down over $50.3 million from their peak.
Feb 4 — Per HyperInsight monitoring (via Telegram: https://t.me/HyperInsight), Taiwanese artist Huang Licheng (nicknamed “Brother Ma”) has deposited ~$13.16 million into crypto platform Hyperliquid since October last year, with no withdrawals in that period. His current account balance is just ~$60,000, and nearly every incoming fund has ended in a loss.
His latest deposit (~$250,000) was made on Feb 2. He then opened and continuously added to leveraged long positions in ETH and HYPE, which triggered liquidation today. This marks an over $50.3 million drawdown from his account’s September peak of ~$50.39 million. Excluding a small withdrawal, most of the decline stems from reversed unrealized gains and liquidation losses.
Huang, who previously profited from blue-chip NFTs, has been active on Hyperliquid since mid-2025. Since October 2025, he has faced successive massive liquidations, shrinking his total holdings from over $100 million to just tens of thousands of dollars now.
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