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

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Fri, 12/20/2019 - 09:53
Yuri Molchan
The HEX project run by Richard Heart has recently seen its token dump 99 percent, the IOTA founder and the community call it an obvious scam
HEX Project is an Obvious Scam: IOTA Founder. Crypto Community Seconds
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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.

HEX scam
Image via hex.win

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.

HEX price dumps hard

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

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'.

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.

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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.”

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.