A Russian dark web marketplace similar to the legendary Silk Road called Hydra is looking for $150 million in bitcoin in order to expand and continue its business online.
It claims that 1.47 million tokens will be sold and that approximately half the company will be given to the public.
The aim is to release an anonymous tor-like browser called ‘Eternos’ and build a cryptocurrency exchange.
But how trustworthy is the this ICO and can it really be trusted?
The danger is that Hydra could well be a scam, and that the team behind it may just pack up the company as soon as they raise the money they need.
Hydra has been a marketplace on the dark web since 2015 and trades in anyhthing illicit imaginable.
Everything from cocaine to marijuana to guns and contract killings can be bought by bitcoin from their website that is only accessible via a tor browser.
Many ICOs are considered to be dodgy because of an abundance of scams that have happened in the space since their inception in 2017.
Internationally, regulators have woken up to the risks posed by ICOs and tough regulations have been put into force across the world with some countries such as China banning them outright.
Russian media are warning investors to beware of the potential risks although it’s unclear if this is falling on deaf ears.