HEX — The Ultimate Crypto Scam That People Are Still Being Fooled By

HEX Project

HEX was founded by Richard Heart, real name — Richard J Schueler. Richard has a history of shady businesses and having legal issues in Panama, including shilling anti-aging pills and Viagra which he was sued for in 2003. Richard Heart is a maximalist and has been a cryptocurrency trading commentator for years before the birth of the HEX project. In recent years, he has continually accused Dr. Craig Wright of claiming that he is Satoshi Nakamoto in an attempt to hoax the Australian tax office.

In December 2019 after stretched build-ups and promotions, the HEX token was launched. Built on the Ethereum network, the project promotes a 40% per year earning with a Certificate of Deposit. CD is a term used by banks and other credit companies. Here, a depositor leaves his money in his account for a fixed period of time for an increased interest rate; in HEX case, a 40% per year interest rate. During the period, the depositor cannot access his funds until the term in question expires.

Project Details

The website provided a page to educate its investors on why the product isn’t a scam and further explains what makes up a Ponzi scheme or pyramid scheme. But usually, legitimate products don’t need to educate their investors on scams and how their products don’t satisfy those requirements of being a scam.

Concerns from observers have made it known that 36 transactions worth 1337 ETH were moved from HEX’s original address some few days ago. Equating it to $6.5 million, given ETH’s fluctuating value.

“The amount of stupid on crypto Twitter is amazing to me. Truly. So many articles about ETH moving in regards to HEX. It’s supposed to move… Why wouldn’t it? Why are you idiots yelling about a system working as intended? Anything for a click I guess…”

Richard Heart tweeted in defense of the transactions made after claiming funds are meant to move.

There are two main ways of getting HEX tokens. Firstly, bringing a BTC-holding wallet address that enables you to pay 10,000 HEX per BTC via a snapshot of address value at launch time. Secondly, converting ETH to HEX by paying into a smart contract. This is the prominent method.

The mechanism HEX uses is quite complex. It uses an adoption amplifier. This way, it promotes itself and encourages investors to amplify their holdings and in return, gain profit.

The website mentions a possible founder exit (exit SCAM), but it assures investors that the project would still continue if the founder left.

“HEX is not immune to these concerns, but it does answer them effectively. The short answer is that a founder dump, even if it happened, could not kill the currency: its functionality is not dependent upon the Richard Heart post-launch; everything is programmed into the smart contract.”

What interest does HEX have for its investors aside from risky self-enrichment? HEX furnishes its users with investment returns. Legitimate platforms don’t do that.

Always remember that early investors on projects like this always seem to profit largely at the expense of later investors and also need other later investors to enable them to profit. So, would you consider all these observations and still buy in? You are being scammed if you do!

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