During the first week of January 2020, there were several surreal stories in the cryptocurrency industry.
A Darknet Market Place's ICO
Russia's Hydra, a darknet marketplace is announcing an initial coin offering because they want to go global. They hope to raise $146 million. Tokens will sell for $100 each and investors can pay with Bitcoin. Each token represents a 0.00333333 percent share of Hydra's profits. The marketplace operates without buyers and sellers ever meeting. Sellers send out couriers with the goods and buyers pick up their purchase in a concealed public space. Hydra, which has operated since 2015, claims to have 100,000 daily transactions.
Critics fear the ICO is a scan. They say it is an exit strategy after an investigative report by a news agency. Global law enforcement is also tracking Hydra's illegal narcotic sales.
Bitmain's Executive Director Ousted
Bitmain's co-founder Micree Zhan Ketuan was ousted from his executive director position at the crypto mining company by co-founder and CEO Wu Jihan. Zhan vigorously opposed Bitmain's plan to cut their workforce by half. Zhan says he will continue to fight for Bitmain with legal weapons. Bitmain also backed out of its management agreement with DMG Blockchain Solution, which manages its Texas mining farm.
Ross Ulbricht Predicts Bitcoin Will Reach $100,000
Ross Ulbricht, the founder of the Silk Road darknet marketplace, predicts Bitcoin will reach $100,000. He's currently behind bars but utilizing the Elliott Wave Theory to make his prediction without knowing the cryptocurrency's day-to-day price movements.
VeChain Hit By Hackers
VeChain was hit by an unknown hacker who directed $6.6 million worth of VET tokens from Foundation’s wallet to a personal account. The company admits human error was to blame. he Singapore-based firm notified local law enforcement and is working with cybersecurity professionals to prevent the attack from happening again.