Hydra, Russia’s largest darknet marketplace, is seeking to raise $146 million via an initial coin offering (ICO), proceeds from which will be utilized for the global expansion of the platform.
According to the investment memorandum on the website, the token sale will initiate on December 16 and can only be accessed using the Tor browser, the gateway to the darknet websites.
Hydra is a marketplace on the dark web, providing anonymous services to its users. People can opt for illicit substances, hacking services, forged documents, stolen data, and cash on the platform. Everything is arranged in such a way that neither buyer, seller, or courier services cross paths while making transactions.
“It will start a new era in the West. The scale of expansion is hard to imagine,” the memorandum stated.
A lot of activity on an illicit marketplace
The platform claims that it has a user base of 3 million, processing 100,000 transactions daily.
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The promoters of the platform have produced each digital token at $100 apiece, which can be bought against Bitcoin. Investors need to buy a bundle of 100 tokens, which will give them conferring rights to 0.003 percent share of the company and generated profits.
The investment memorandum did not mention the blockchain on which the illicit company is planning to issue its tokens.
The people behind the illicit platform are also planning to launch a new platform called Eternos, a worldwide darknet marketplace combined with an encrypted messenger, a crypto exchange, a Tor-like anonymous browser, AI-based dispute resolution, and an over-the-counter (OTC) marketplace.
“No KYC, everything will be anonymous and on the highest level. We’re no TON,” the announcement explained the new service.
In total, 1,470,000 tokens will be issued, representing 49 percent of the new project. Hydra is also assuring $500 monthly dividends in bitcoin for each token to investors buying more than 100 tokens.
Russian news outlet Forklog, however, warned that, without the supervision of any authority, this might be an exit scam.