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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
hex cryptocurrency scam

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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.

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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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