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hex cryptocurrency scam

Why This Developer of the Controversial HEX Cryptocurrency – Accused of Scam – Left

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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The cryptocurrency market is has a wild west atmosphere, rife with hackers, cybercriminals, and scammers galore.

The developer of a new altcoin project called HEX – accused of being a widespread scam – has now left the project and is sharing his thoughts about why he made the decision for a departure.

HEX Developer Departs Cryptocurrency Project After Becoming Suspicious

A new cryptocurrency known as HEX has exploded onto the scene over the last few weeks and was immediately subject to the extreme controversy surrounding accusations that the altcoin project was nothing more than a scam perpetrated by the project’s founder, Richard Heart.

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HEX has been dubbed a Ponzi scheme, a scam, and even worse, and has been compared to the likes of notorious crypto projects gone defunct like BitConnect.

Related Reading | Tron Crypto Founder Justin Sun Contributes $1 Mil to Environmentalist Greta Thunberg

The cryptocurrency’s official website even claims that the asset is “designed for 10,000x returns,” something that even the SEC would say fails their Howey test, which helps investors determine if an investment is too good to be true and may be a scam.

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Promises of returns are an immediate red flag, especially around the cryptocurrency asset class, which is known for its infamous volatility and assets that lose as much as 99% of their value.

But HEX makes many of these bold claims to lure investors into their scheme.

In a new live interview posted on YouTube by crypto influencer Naomi Brockwell, the host speaks to former HEX developer Kieran Mesquita, who has since distanced himself from the project.

Mesquita says that he was once proud to contribute to the project but later became uncomfortable with the project’s business practices and the project’s founder Richard Heart. He says that the most interesting technical aspects of the project were removed, instead of focusing on marketing jargon and empty promises.

Heart is said to hold nearly half of the coin’s circulating supply after the first year of the project’s existence. Unfair distribution that goes to making the project’s founder wealthy, is yet another warning sign that the investment may be a scam.

Oftentimes, if something seems too good to be true, it often is. Projects like HEX were a dime a dozen during the initial coin offering boom of 2017, and has left many investors burned and holding investments that are down 99% or more from their initial buy-ins.

Any investors thinking about making an investment into HEX, or any cryptocurrency should do their due diligence, including both fundamental and technical analysis to understand how an asset may perform, before taking a position.

Related Reading | Crypto-Demanding Cybercriminals Ramp Up Ransomware Threat With Data Exposure

If it looks like a scam, smells like a scam, it probably is a scam, and it’s best to avoid at all costs. HEX, may just be one of those projects, but only time will tell if it ends up like BitConnect and the other projects that the crypto angry mob has gone after in recent years.

Tags: cryptocryptocurrencyHEXRichard Heartscam
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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