Convicted Criminal Enterprise Leader Forfeits Cryptocurrencies, NFTs, and Cash
On Monday, December 16, 2024, the US District Court for the Southern District of New York issued a consent preliminary order of forfeiture involving defendant Rui-Siang Lin, who pleaded guilty to multiple charges related to a criminal enterprise. The case includes serious allegations such as narcotics conspiracy, money laundering, and conspiracy to sell adulterated medications.
Lin faced a four-count sealed indictment, with charges covering a range of offenses. The first charge involved a continuing criminal enterprise, while subsequent counts included narcotics conspiracy, money laundering through concealment, and conspiracy to sell misbranded medications. The indictment highlighted a forfeiture allegation connected to each count, seeking the forfeiture of property that constituted or was derived from proceeds obtained through the alleged criminal activities.
In the plea agreement, Lin admitted to the forfeiture allegations tied to counts two through four and consented to forfeit a substantial sum of $105,045,109.67. This amount reflects proceeds traceable to the offenses outlined in the indictment, with Lin acknowledging that the funds represented property obtained as a result of his illegal activities.
The specific property identified for forfeiture includes substantial amounts of various cryptocurrencies. Among them, approximately 0.5 Monero, 30.62887372 Monero, 19.115533942311 Monero, and several Bitcoin amounts were specified, including 0.00098164 Bitcoin, 0.029 Bitcoin, 0.04356501 Bitcoin, and 0.03614066 Bitcoin. Additionally, the order included various amounts of Binance Coin, with approximately 253.7279529 Binance Coin, 19.32802653 Bitcoin, and 100.0000096 Ethereum also noted.
Further amounts of Tether were listed, specifically 1,062,671.01 Tether, 0.99357824 Binance Coin, and 0.02008986 Bitcoin, among others. Other cryptocurrencies mentioned include Solana, with approximately 1.528 Solana and larger amounts such as 1,926.519 Solana. A variety of other assets were also included in the forfeiture, consisting of significant quantities of Ethereum and Aave tokens, demonstrating the breadth of Lin’s financial dealings.
In addition to the cryptocurrencies, the forfeiture order encompassed non-fungible tokens (NFTs), specifically several My Pet Hooligan collectibles, as well as BoredApeKennelClub and BoredApe YachtClub NFTs. The detailed listing of these assets reinforces the complex nature of Lin’s alleged criminal activities and the significant financial resources involved.
The consent preliminary order of forfeiture allows the government to take possession of the specific property and cryptocurrencies, ensuring they are held in secure custody. The United States Attorney’s Office in the Southern District of New York will oversee the process, and provisions are in place for potential third-party claims regarding the forfeited assets.
The court emphasized the importance of this ruling, which is now part of Lin’s sentence and will be included in the judgment of conviction. As part of the order, all payments related to the money judgment must be made to the United States Marshals Service, which will manage the forfeited property and ensure it is handled in accordance with federal law.
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