- Alleged illegal activities by Russia-based firms resulted in a crackdown by US authorities.
- Boba Network has become a favorite of investors, and it is set to grow due to three key factors.
The United States clamps down on Hydra and Guarantax for suspected illegal cyber activities
The US Treasury will impose penalties on the Russian darknet market Hydra and crypto exchange platform Garantex. On Tuesday, the Treasury Department said it decided to impose the sanctions after collaborative efforts with other security agencies. Coincidentally, the German Police made it known that it had clamped down on the darknet’s servers domiciled in Germany and confiscated over $25 million worth of Bitcoin.
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These sanctions are necessary and in line with global measures to stop the spread of malicious cybercrime services, drug trafficking, and other illegal activities that threaten US interests. The investigations which led to the sanctions found that over $8 million were funneled through Hydra. At the same time, Garantex was suspected of making more than illicit transactions valued at over one hundred million dollars. More details of the investigation revealed more than 100 addresses of major cryptocurrencies linked to Hydra’s and Garantex’s operations they labeled as assets that are inaccessible and American citizens could not transact with them.
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The Department concluded its investigations by stating that Hydra’s activities threaten the national security, economy, and external affairs of the United States. last September, the US also imposed sanctions on Moscow-based Suex OTC as punishment for allowing hackers to use cryptos as payment for cyber attacks. The FBI and Justice Department subsequently set up task forces to enforce money laundering and cybercrimes laws.
Boba Network Shows Promise After a Successful fund-raising round
The growth of cryptocurrency as an asset base can be attributed to investors seeing it as a viable investment offering mouth-watering returns. Recently, Boba Network (BOBA) has caught the attention of investors as a unique Ethereum based solution that provides cheaper transactions and rapid processing. This attention has helped the digital asset scale 50.71% after moving from a low base of $1.24 on March 27 to $1.873 on April 5, according to Cointelegraph.
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Additionally, three other reasons have been cited as helping BOBA. These include executing a $45 million Series A funding round, the flag-off of the WAGMI v2 incentives program, and the launch of improved protocols on the network. On April 5, the funding round concluded, with close to 400 investors, including firms like Infinite Capital, Hack VC, The Graph, and Crypto.com, partaking in the fundraising round. Unsurprisingly, Boba Network is now valued at $1.5 billion. The developers intend to leverage the funds raised to make digital tokens available to everyone, surmount the restraints of the Ethereum blockchain, and help other developers with an efficient platform to design fresh products.
Another factor in the popularity of the Boba Network was the WAGMI v2 incentive program, developed to increase BOBA liquidity mining and enlarge and lure Dapp builders to the BOBA ecosystem. The program rewards users on the Boba Network to help increase the total amount of transactions. Throughout April, the incentive program has provided $2 million for liquidity providers and a $1 million bonus as rewards where the total trade volume on OolongSwap meets the $25 million mark.
A third factor is the Boba Network’s expansion of protocols and DApps. These ecosystems consist of unique Non-Fungible Token (NFT) projects like Tapioca Town and Turing Town. These factors have contributed immensely to the growth of Boba Network. Data from Dune Analytics reports that 5,089 wallets have made interactions on the Boba Bridge, which currently has a total value of nearly $715 million.
