Hydra, which is the largest darknet marketplace in Russia, recently revealed that it would hold an ICO. During the ICO, Hydra plans to raise about $146 million from investors. This will enable it to expand globally. However, news outlets in Russia are warning that this could be a scam.
How to Buy the Tokens
Hydra plans to sell each token for $100. They will even allow investors to pay for the tokens using Bitcoin. According to various media reports, buying 100 tokens will give you a share of 0.00333333% of profits made by Hydra. The marketplace was created in 2015 and it is quite popular on the dark web. It allows users to access illegal goods and banned substances. Users can also buy hacking services and fake documents.
Thus far, there are about 2.5 million accounts registered on Hydra. However, Hydra itself has claimed that over 3 million people use the marketplace. Additionally, it claims that over 100,000 transactions take place daily.
Those trading on the marketplace make their purchase using cryptocurrencies such as Bitcoin. Tracking the users is difficult since cryptocurrency is designed to be anonymous. A Russian investigative media firm called The Project estimated that over $1 billion had been spent on Hydra since it was created. To access Hydra, users only need a browser such as Tor.
Is it real?
Darknet marketplaces are known for illegal activities. They thrive on illegal activities and those behind them work their best to stay anonymous. At times, it takes authorities years to track them. As a result, it is unlikely that the Hydra ICO would receive the official approval of any regulatory body in the world.
Besides that, there is no face behind the ICO. As a result, if investors lost their funds, it would be hard to trace those who conned them and have them prosecuted. This ICO could be genuine or it could be an exit scam designed by the Hydra founders, who are looking to make their escape. Only time will tell if it is real or a scam.