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Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion

Hydra, Russia’s largest darknet marketplace, will be conducting an initial coin offering (ICO) on Dec. 16, with the funds intended to fuel its global expansion.

Russia’s Largest Darknet Market. Credit: bitcointalk.org/bbc.reporter

Sat, 14 Dec 2019, 05:43 am UTC

Russia’s largest darknet marketplace Hydra is seeking to raise $146 million through an initial coin offering (ICO). The funds raised in the ICO will be allocated for its global expansion, with the token sale slated to occur on Dec. 16.

The price of the token is $100 each and can be bought against bitcoin. Hydra promises that buyers who will purchase more than 100 tokens will be given $500 monthly dividends in bitcoin, CoinDesk reported.

Buyers can also purchase a “package” of 100 tokens, which will then give them a 0.333 share of Hydra’s profit. At the time of writing, Hydra hasn’t revealed what blockchain it’ll be using to issue the sale.

Project Eternos

Called Eternos, this new service will be using a combination of an encrypted messenger, AI-based dispute resolution; a crypto exchange, and an anonymous browser similar to Tor. The illicit marketplace is planning to sell 1,470,000 tokens, which represents 49% of Eternos.

Suffice to say that this news is highly alarming.

Hydra is known for providing services to criminals, with its products ranging from illegal drugs and its ingredients to forged documents and hacking services. An investment memorandum has been posted on the site saying that this global expansion will be quite significant in the West. (The site can only be open using an anonymous browser).

“It will start a new era in the West. The scale of expansion is hard to imagine,” the memorandum read.

Clandestine operations

Every transaction done on the platform will be completely anonymous, Hydra touts. The darknet marketplace is already conducting such clandestine operations since opening its services in 2015.

Buyers, sellers, and couriers don’t even need to meet to complete a transaction. When a buyer purchases, say, an illegal substance, he’ll be paying through bitcoin or an electronic transfer. A paid contractor is then sent to deliver the goods at a specified location. Once the parcel has been dropped, the buyer will receive detailed instructions on where to pick it up.

Hydra boasts that it has over three million users, with a monthly transaction of 100,000.

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