HEX Stoops to Another Low, Desperately Tries to Pump Price

Earlier this month, BeInCrypto reported on a Bitcoin-linked investment scheme called HEX. The project promises high ROI and claims to be the first ‘high-interest blockchain certificate of deposit.’ Serial entrepreneur Richard Heart is behind the project and many have likened it to a Ponzi scheme. 

A Shameless New Low for HEX

HEX’s critics were quickly proven true shortly after it started trading and plummeted in value. It is currently oscillating between 1 and 2 satoshis with its trading volume dwindling. However, this didn’t stop HEX from shamelessly promoting itself and explicitly promising returns in the shadiest way imaginable.

As its official Twitter handle (@HEXcrypto) tweeted recently, it claims that users can make money trading HEX via an “interesting tactic.” It says that people can bid on the lowest HEX/BTC values of 1 and 2 satoshi, and keep trading between them. This way, according to HEX, traders can “still make 50% or 100%.” T further seal the deal, the tweet clarifies that “some make 800% though.”

An interesting tactic has appeared on HEX. People are bidding the lowest possible values on the HEX/BTC pair, 1 & 2 satoshi. Then even if they sell the next tick up at 3 sat, they still make 50% or 100%. Some make 800% though. Only .05% fees. Discount link https://t.co/mfeMhO7vMl pic.twitter.com/2ILIhWYyqa

— HEX.com 40% APY & 3866x price in 558 days!⬣🚀🌘 (@HEXcrypto) December 19, 2019

This kind of brazen shameless promotion of pumping-and-dumping your own token is relatively unheard of, even in the cryptocurrency industry. Generally, there’s some tact involved or subtleties––but not with Richard Heart’s HEX.

Begging for a Pump-and-Dump

After a spectacular fall in value, HEX has been trying to pump its token all week. Last week, the shady cryptocurrency tried to entice users yet again by telling users, “you could 2x your stack by spending just 10% more than you originally did” since the project dropped -90%. The responses to the tweet were mostly mockery and jokes.

pic.twitter.com/NQsLBTRKPP

— Zero (@ZeroSomeGame) December 14, 2019

https://twitter.com/Atmos_Black/status/1206219359745716226

Although HEX has earned widespread mockery throughout the cryptocurrency industry, we shouldn’t forget that a significant number of people lost all their money due to this scam. This has caused some users to be proactive in stopping it. There has even been a site created with the explicit purpose of exposing HEX’s fraud. 

It’s unclear whether Richard Heart will be able to get away with this scheme, but whatever was left of his reputation is permanently destroyed. Whether we will see some formal charges brought forward against this flagrant money-grab remains to be seen.