HEX Project is an Obvious Scam: IOTA Founder. Crypto Community Seconds

The HEX token project came to existence in early December this year. It calls itself a DLT certificate of deposit with yields over the Ethereum chain.

The website of the project does not provide any specific description of details how the technology works. However, it promises fast and large profits and says that the more people participate the better it will be for all investors.

Fast and large yields promised and calls to ‘preach the Gospel’ to new participants have always been immediate signs of a scam.

Now, the founder of IOTA, David Sonstebo, the Weiss Ratings agency and other crypto community members say the same. Roger Ver is going against the flow, though.

HEX token is an obvious scam: David Sonstebo

In an exclusive interview with U.Today, which is to be published next week, Mr Sonstebo touched upon the topic of scams in the crypto industry, saying that he would like more attention to be drawn to them in the media. What he said was:

“The ones that deserve attention are actually the bad ones. I would like to see more attention shed on the obvious scams in this space, like the HEX project by Richard Heart or this crazy token that just appeared the other day called MINDOL with something like 15,000 percent increase, which is an obvious scam.”

Weiss Ratings on HEX

One of the biggest and influential financial agencies, Weiss Ratings, has also drawn attention to HEX in its recent tweet, saying that it has one big issue – “half of it which is distributed to token holders goes to a single account, called the Origin Address.”

It adds that the main purpose of creating HEX is to enrich those who created it, 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

HEX price dumps hard

The other day, the price of HEX token dropped 99 percent (from 3,000 Satoshis to just 3).

$HEX is down 99.93% in 12 days.

From 3700 sats --> 3 sats.

What in the absolute fuck. https://t.co/TMWgTZGOxW

— Bagsy Balthazar (@imBagsy) December 14, 2019

A HEX promoter Trevon James has recorded a video to clam down the investors, saying 'you did not lose your money but technically it looks like you've lost your money'.

A special word from Treyvon about $HEX. Filmed this morning. pic.twitter.com/g0lenEZOhH

— Pentoshi (@Pentoshiswallet) December 14, 2019

Members of the crypto community started heated discussions all over Twitter, pointing out that $5.2 mln in Ethereum has been sent to HEX already.

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

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Roger Ver supports HEX

The former ‘Bitcoin Jesus’ Roger Ver has recently listed the token on its Bitcoin.com exchange and gave it a personal endorsement, as U.Today reported earlier.

His major argument for the support of the project that a lot of people call a scam is:

“Don't like something? Don't buy it. Have something you don't like? Sell it.”