As AZCoin News reported, the HEX token project called itself as a DLT certificate of deposit with yields over the Ethereum chain. This project also named Bitcoin HEX – a Bitcoin-linked investment scheme – which claims to be the world’s first high-interest rate and spectacular ROI.
This is a scam project. However, there are still many naive investors who believe in HEX. Even IOTA founder David Sonstebo, the Weiss Ratings agency, and other crypto community members acknowledged HEX as a scam project. Surprisingly, only Roger Ver, the current Executive Chairman of Bitcoin.com, is against the masses.
The Bitcoin HEX continues to receive much criticism from the crypto community
The HEX website does not provide any specific description of the technology and the project schedule. All information promises fast and big profits. Moreover, the advertising that the more people join, the better for all investors who appear to be present on every corner of the website.
Image via Hex.win
Previously, as AZCoin News mentioned, economist Alex Krüger also called HEX a stupid project. And today, IOTA founder David Sonstebo has also criticized HEX.
He said:
“The ones that deserve attention are the bad ones. I would like to see more attention shed on the obvious scams in this space. And the HEX project by Richard Heart or this crazy token that just appeared the other day called MINDOL with something like a 15,000 percent increase, which is an obvious scam.”
David Sonstebo, IOTA founder | Image via Steemit
One of the well-known companies in the cryptocurrency market, Weiss Ratings, agrees with Sonstebo’s views. They argue that the primary purpose of creating HEX is to enrich the people who run the project, not its investors.
The biggest issue with #HEX is that half of it which is distributed to #token holders goes to a single account, called the Origin Address. HEX was designed to enrich the people who created it. Keep that in mind if you decide to engage.
— Weiss Crypto Ratings (@WeissCrypto) December 19, 2019
Members of the cryptocurrency community began lively discussions across Twitter, indicating that $ 5.2 million Ethereum has already been sent to HEX.
HEX fully diluted marketcap: $280,000.
ETH sent to origin address: 42k ETH ($5.2m). https://t.co/g48h3mZp95— Peter McCormack (@PeterMcCormack) December 18, 2019
However, Roger Ver supports HEX …
Surprisingly, Roger Ver again listed HEX tokens on his Bitcoin.com exchange.
He argued:
“Don’t like something? Don’t buy it. Have something you don’t like? Sell it.”
We are thrilled to announce that we have just listed #HEX by @RichardHeartWin on our exchange, giving anyone who wants to trade it a secure venue to do so. Check it out! https://t.co/BCOEVEyTGX pic.twitter.com/mdKezZo59t
— Bitcoin.com Exchange (@BitcoinComExch) December 15, 2019
HEX is trying to attract people by announcing that investors will double their capital by using the lowest possible values on the HEX / BTC pair. However, just as the analysts have pointed out, the HEX token right after trading has dropped significantly. HEX price is currently fluctuating from 1 to 2 satoshi with decreasing trading volume. However, HEX still advertises shamelessly and promises to bring “extreme profits” to investors.
On the project side, investors can make a profit trading HEX via a compelling tactic. Mainly, traders or Investors can bid on the lowest HEX / BTC values of 1 and 2 satoshi, and keep trading between them. In this way, traders can make 50% or 100%. There does not seem to be a scam project that advertises brazenly as HEX.
An interesting tactic has appeared on HEX. People are bidding the lowest possible values on the HEX/BTC pair, 1 & 2 satoshi. Then even if they sell the next tick up at 3 sat, they still make 50% or 100%. Some make 800% though. Only .05% fees. Discount link https://t.co/mfeMhO7vMl pic.twitter.com/2ILIhWYyqa
— HEX (@HEXcrypto) December 19, 2019
HEX seems to be starting a trick of Pump and Dump
After a spectacular discount of up to 90%, HEX tried to pump its token all week. Last week, HEX tried to entice users with advertising that doubled the amount of capital by spending just 10% more than you initially did.
It is unclear whether Richard Heart, a serial entrepreneur, marketing expert, and cryptocurrency proponent, could escape this plan. But his reputation will be permanently destroyed. Whether we will see some of the formal charges made to combat this flagrant money collection remains to be seen.
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