The HEXit continues: HEX Tool “closes up shop” due to manipulation concerns

The HEXit continues: HEX Tool “closes up shop” due to manipulation concerns

The crypto industry has been gripped with developments surrounding the HEX token, which is a relatively small cryptocurrency that has gained popularity due to its founder – Richard Heart – being a popular Bitcoin maximalist on Twitter.

The token also garnered support from popular, albeit controversial, figures within the crypto space, including former BitConnect advocate Trevon James. The promotional campaigns surrounding this token brought it to the forefront of the industry, subsequently building some support from neophyte crypto investors.

In spite of having backing from a small handful of popular industry figures, a recent announcement from a HEX team member seems to confirm the wide-held theory that it is an alleged exit scam.

HEX website is brimming with red flags, signaling something is amiss  

HEX, which is advertised on its website as the “first high-interest blockchain certificate of deposit,” encourages users to stake the token in order to watch their holdings “multiply.”

On the token’s website, there are multiple glaring red flags that should have alerted investors that it wasn’t a legitimate project, including a prominently featured sub-heading that boasts that “HEX is designed to increase in value faster than anything else in history.”

The shadiness doesn’t end here, however, as the site also uses words like “pumpamentals” to describe the cryptocurrency’s fundamental structure.

While explaining how the token is able to provide users with “life-changing wealth,” it vaguely states that it uses a “computer science breakthrough to disrupt the largest markets in the world with a product of nearly infinite profit margin.”

Surprise! A post from an employee seems to confirm it may be an exit scam

As CryptoSlate previously reported, there has been a myriad of evidence that HEX was an exit scam, including a report from January detailing $7 million worth of Ethereum had been withdrawn from an address associated with HEX.

One analyst operating under the pseudonym “runbtc” posted a screenshot this evening showing what appears to be a statement from a HEX team member named “Paul” in which he says that he is removing HEX Tool from the app stores, as he believes there is evident manipulation of HEX’s market value.

HEX
Image Courtesy of runbtc

Although this is certainly not conclusive that the token is, in fact, an exit scam, it does confirm that insiders within the HEX ecosystem are beginning to jump ship due to ethical concerns.

Cover Photo by Tim Mossholder on Unsplash

Posted In: Altcoins

The above advertisement is an referral link.

Invest with AMFEIX

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Cole Petersen
Author

Cole Petersen

Journalist @ CryptoSlate

Cole is a freelance journalist and university student studying philosophy. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a non-life-changing sum of Bitcoin and enjoys day trading.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.