800 ETH associated with the HEX was withdrawn and sent to Bitfinex, the beginning of an exit scam?

After many exits from recent projects, when witnessing about 800 ETH withdrawn from an address related to HEX tokens, many people suspected this was the same trick and the beginning of an exit scam. Although there are more than 46,000 ETH left to withdraw, all the money is kept in a single address that Richard Heart, the founder of HEX, said was controlled by an anonymous person.

Richard Heart, the founder of HEX

$100,000 worth of ETH withdrawn from HEX account, exit scam?

After the 2017 ICO boom, perhaps the days of projects claiming huge profits are long gone. However, a new cryptocurrency project that appeared earlier this month demonstrated, once again, that no cryptocurrency scam has stopped.

On December 2, Richard Heart launched a new cryptocurrency, called HEX. HEX was released on the Ethereum Blockchain, via a Bitcoin UTXO snapshot. The project claims it can earn 10,000x profits in less than 2.5 years.

HEX’s promotion has attracted the attention of many investors and brought back over 33,000 ETH. These contributions have been automatically converted into HEX and held at a single Ethereum address. And now, around $100,000 worth of ETH has been transferred from that address and moved to cryptocurrency exchanges. This makes many people suspect that it is the beginning of an exit scam.

HEX goes far beyond the Ponzi scheme or the pyramid

The way HEX was created gives Heart ownership of nearly half of the tokens through something called Origin Address. Through the Origin Address, the owner will receive a copy of all bonus payments in the protocol.

Data from Etherscan.io indicated that 797 ETH was withdrawn from the original address and the address associated with it. The first transaction occurred on December 12, when 95 ETH, or about $12,000, was withdrawn. A day later, another 100 ETH were withdrawn. During the week, another 500.75 ETH and 27 ETH were withdrawn from the same address.

800-eth-associated-with-the-hex-was-withdrawn-and-sent-to-bitfinex-the-beginning-of-an-exit-scam

Source: Etherscan

According to some Reddit users, 500 ETH that was withdrawn on December 23 immediately went to Bitfinex address for liquidation. The same address currently holds $6.25 of ETH.

800-eth-associated-with-the-hex-was-withdrawn-and-sent-to-bitfinex-the-beginning-of-an-exit-scam[1]

Source: Etherscan

And while there are about 46,000 ETH left on the original address, it is unknown who controls it. The overwhelming sentiment among Reddit users seems to be, and this is the beginning of an escape scam. However, most users also believe that most of the money in the originating address has been sent by Heart and the rest of the HEX team to make it seem like there is still a need for further tokens.

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