Global Sting Busts Darknet Markets, Nets $200M in Seized Digital Assets

On May 22, 2025, the U.S. Department of Justice (DOJ) announced the largest international operation to date targeting darknet drug markets. The coordinated effort, dubbed RapTor, led to 270 arrests across 10 countries and the seizure of over $200 million in crypto and cash. 

Authorities also confiscated more than two metric tons of drugs, 144 kilograms of fentanyl-laced narcotics, and over 180 firearms. According to DOJ officials, RapTor marks the most extensive action in the history of J-CODE—a multi-agency initiative focused on disrupting online opioid distribution and crypto-based money laundering.

Operation RapTor spanned 10 countries, making it the most extensive international effort in the history of the J-CODE initiative. Coordinated by the U.S. Department of Justice and Europol, the crackdown involved law enforcement agencies from Austria, Brazil, France, Germany, the Netherlands, South Korea, Spain, Switzerland, the United Kingdom, and the United States. 

U.S. Attorney General Pam Bondi said the operation struck a significant blow to global supply chains for synthetic narcotics.

Crypto and the Drug Trade: The Nemesis, Incognito, and Haowang Cases

Cryptocurrency has become the primary financial infrastructure for darknet platforms engaged in drug trafficking and money laundering. Among those dismantled in Operation RapTor were Nemesis Market and Incognito Market—two major darknet platforms that used digital assets to obscure illegal transactions and hide criminal proceeds.

Behrouz Parsarad, an Iranian national, was charged in Ohio with operating Nemesis Market, which was used to sell opioids, including fentanyl. Prosecutors allege that Parsarad laundered profits through crypto wallets. He has since been added to the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctions list.

Related: U.S. Federal Court Blocks Reinstatement of Tornado Cash Sanctions

Similar charges were filed against Rui-Siang Lin, the alleged operator of Incognito Market, one of the largest darknet drug platforms. Lin pleaded guilty in December to conspiracy to distribute narcotics, money laundering, and the sale of misbranded pharmaceuticals.

Previously, we also reported the takedown of Telegram-based illicit market Haowang Guarantee. Blockchain analytics firm Elliptic called it the “largest illicit online marketplace to have ever operated.” The platform allegedly enabled cybercriminal activities across Asia, with estimated transaction volumes exceeding $27 billion. Its services included laundering stablecoins, particularly USDT, forged documents and tools for large-scale online fraud.

What RapTor’s Success Signals

Operation RapTor showcased the growing impact of international cooperation in the fight against crypto-enabled crime. J-CODE officials noted that cryptocurrencies have become deeply embedded in the logistics and financial infrastructure of criminal networks, from drug trafficking to cyberfraud.

According to Chainalysis and TRM Labs, the majority of Chinese fentanyl precursor suppliers now accept crypto payments. Notably, stablecoins, particularly USDT, have become the foundation of the onchain fentanyl economy. These transaction flows were key targets of the RapTor investigation.

As a result, the operation also strengthens momentum behind global digital asset regulation, especially in the context of disrupting organized crime financing. Enforcement efforts are expected to increasingly target stablecoins, P2P platforms, and darknet markets as critical touchpoints in the shadow economy.