HEX has announced that it has concluded a “very successful first month” that saw “well over a billion dollars in Bitcoin claimed and 50k Ethereum transformed into HEX coin.” The announcement came just days after nearly 50,000 ETH was transferred from the project’s wallet to 36 different addresses, with founder Richard Heart stating that this was all part of the plan and that nothing untoward had happened.
Crypto Community Still Divided over HEX
Ever since HEX burst onto the scene last year, the crypto space has been divided about whether it is a legitimate certificate of deposit investment or a scam, with the division seeming to be about 99% in favor of the latter. The immediate price crash that has seen the token fall to a rock bottom price of 1 satoshi was taken by many to be a sign that the project has no merits whatsoever, but the HEX update posted yesterday paints a more positive picture:
HEX is already a success with 10k plus users, and it’s gaining more every day. The technology works great, and I am very happy with it,” commented Richard Heart, Founder of HEX. “We have a great community which is producing amazing innovation and development, and the ecosystem keeps getting better as each day passes.
It’s no surprise that Heart is “very happy with it” – he is sitting on a 48,132 ETH ($6.64 million) windfall, which on Monday was split 36 ways and sent to as many addresses. Many cried foul, believing this to be the first stage in the exit scam, but Heart was quick to offer a different take:
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 (@RichardHeartWin) January 8, 2020
Not Everyone Convinced
Heart’s message that all is going to plan didn’t do much to assuage the doubts of some in the community, with many posting messages bemoaning their investment:
Despite saying how fantastically well HEX was working, Heart had a busy week last week (or at least the HEX Twitter account did) reminding everyone not to expect to make money from the exercise and that there was no limit to how low the token price could go:
Remember, in HEX, you must have no expectations of the work of others. Even if you see ETH move. You must not expect marketing. You must not expect a price floor.
— HEX (@HEXcrypto) January 6, 2020
This statement must have come as something of a surprise to investors who likely bought into the token on the back of comments on the HEX website like “HEX takes the profit out of banks and government money printing and gives it to HEX holders” and “Every feature in HEX is designed to increase its price and adoption.” For these poor bastards to now read that they shouldn’t expect to make money from their investment must be extremely galling, and a potentially very expensive lesson learnt.