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

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Fri, 12/20/2019 - 09:53
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  • 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

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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 Sostenbo

In an exclusive interview with U.Today, which is to be published next week, Mr Sostenbo 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.

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COVID-19 Crisis Ruins Bitcoin's Q1, but Bulls Could Soon Have Massive Comeback

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  • Bitcoin (BTC) bulls have high hopes for Q2 after the coronavirus-induced crisis tanked the price of the leading cryptocurrency

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Bitcoin, the number one cryptocurrency by market capitalization, is set to finish its tumultuous first quarter of 2020 in the red with a 10.65 percent drop, according to crypto data provided by Skew.    

As reported by U.Today, it suffered a price crash of enormous magnitude due to the coronavirus pandemic that resulted in the global economic shock. 

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The stellar quarter that wasn't 

In early 2020, Bitcoin was on track to have its best Q1 since 2013. In fact, it gained more than 50 percent after reaching its current yearly high of $10,508 on Feb. 13. However, this rally hit a snag and BTC printed its first negative February close in six years

All bull dreams have been brutally shattered after the 'Black Thursday' of May 12. On top of halving its price in less than one day, BTC was actually in great danger of hitting zero because of a string of liquidations on BitMEX. 

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The odds are in the bulls' favor  

That said, there is still a good chance that the bulls can stage an impressive comeback in Q2, which is historically the most successful quarter for the leading cryptocurrency.

Last year, BTC kicked off its impressive rally on Apr. 2 with a sudden 20 percent price pump.   

At press time, BTC is sitting at $6,480, continuing its streak of range-bound price action.  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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