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

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

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.

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.

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 "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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