According to the Russian language website "Project," there are 2.5 million accounts registered on Hydra, although less than 400,000 of them have ever traded. Illegal drugs are the most popularly traded type of product with activities centered in Moscow and St. Petersburg.
Hydra was started in 2015 and had a turnover of about $9.4 million the following year and grew it to $1.4 billion in 2020, according to a report by the cybersecurity risk intelligence firm Flashpoint and the cryptocurrency analytics firm Chainalysis. The report also estimates that Hydra accounts for more than 75% of dark market revenue worldwide.
According to CoinDesk's Anna Bayadakova, who accessed Hydra's investment memorandum, Hydra launched an ICO on December 16, 2019, with the goal of raising $146 million through the sale of tokens in an initial coin offering (ICO). The coin is called the Eterno.