Home CryptocurrencyAltcoins The Death of HEX as Funds are Siphoned Out

The Death of HEX as Funds are Siphoned Out

by Meredith Loughran
Crypto Trader News, Telegram vs SEC, what happened to Telegram ICO money, Where is the TON blockchain, cryptocurrency, securities,

It didn’t take rocket science to see that HEX was a scam. We’d written a few articles about it on Crypto, Trader, News. but now there seems to be proof positive that HEX is dead – or very nearly so.

Let’s take a look at what’s going on.

Etherscan tells no lies

Looking at the Hex main wallet on Etherscan, outgoing transactions began on December 12, 2019, which didn’t raise a lot of concern as most project have operating costs that can be written off as normal. But there were no deposits after the December date and withdrawals hit a fevered pitch on January 6, 2020 when 36 outgoing transactions for 1,337 ETH each painted a clear picture that HEX was the scam that we predicted.

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Consider that 1 ETH was equal to approximately $144 on January 6. Let’s do a little math.

144 * 1337 = 192,528
192.528 * 36 = $6,931,008

That’s right. Nearly $7 million worth of ETH is gone. With cryptocurrency prices on an upsurge, that value is even higher.

HEX made some pretty lofty claims about being known as the CDs, or Certificates of Deposits of the blockchain, with high RoI for staking HEX. All you had to do was deposit Ether for “trustless interest.” They even warned that third parties like crypto exchanges and lenders are susceptible to hacking and scams. HEX would fix that by taking out the middle man.

They even claimed that HEX would take profit out of banks and government money printing and give it back to HEX holders because the next gen CD would secure your money with verifiably secure peer-to-peer technology.

One thing for certain, the HEX scam is definitely verifiable. All you have to do is look at their empty main wallet.

In the article Why You Should Stay Away From HEX, contributor Pragati Shrivastava wrote: “Here’s another caution flag. If you’ve actually read through their privacy policy, there is an eyebrow raising line: “The origin address gets a copy of bonuses.” Excuse me? Isn’t one of the main purposes of blockchain to prevent copies? What does this mean? If you ask me, I would question the safety and security of your precious HEX bonus tokens. You might think they’re safe but I wouldn’t be so sure.“

Surprisingly, the HEX website is still active but the team has been very quiet. At least someone’s laughing all the way to the bank.

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