HEX token is an Ethereum-based token that claims to be the first blockchain-based certificate of deposit (CD). Users can stake batches of HEX for a specific period of time to earn rewards.
Basically, it is a common product in the banking world called a time deposit, but based on blockchain. The users "lock" their funds for a certain period of time and receive rewards at a fixed rate upon its expiry.
The project was founded in 2019 by Richard Heart and has earned a reputation as a possible Ponzi scheme.
Disclaimer. This article is not a call for investment, but rather an overview of the project. Remember the importance of doing your own research (DYOR).
What is HEX Crypto?
As mentioned above, the HEX project is aiming to be the first certificate of deposit on the blockchain. Project has a unique staking mechanism. The idea is that users lock their funds for a specific period of time in order to receive rewards in the form of additional HEX tokens after the end of the lockup period. Access to the funds is restricted for the entire lockup period, and there are severe penalties for early access to the tokens.
The staking period may vary from one to 5,555 days (or 15 years). The higher the term, the higher the reward. According to the official HEX website, the token offers 38% APY.
Source & Copyright © HEX.com
The project was launched in 2019 and attracted negative public attention, gaining the status of a scam scheme. However, by October 2022, the HEX project had already achieved a market capitalisation of $5.6 billion.
The main goal of HEX is to replace gold as a store of value, and to replace major payment systems such as Visa, MasterCard, PayPal as well as the old certificates of deposit.
The project has no whitepaper or roadmap. As the team explains, "it's more important to put work into a good website than a good whitepaper".
Who is Richard Heart?
The HEX project was founded by notorious YouTube blogger and crypto entrepreneur Richard Heart.
Heart was born on 9 October 1979 in Pittsburgh, Pennsylvania. His real name is Richard James Schueler. He started his career as a newspaper salesman. Then he worked for his father's small air conditioning company. When the Internet became a thing, he began doing online business.
His journey in the crypto space started with Reddit, where he discovered the existence of Bitcoin. After buying his first BTC for just $1, Heart delved into the study of crypto and created the HEX token, which success was solely due to Heart's own marketing skills.
HEX was originally known as BitcoinHEX. During the launch phase, Bitcoin holders could get HEX for free or convert ETH to HEX using Adoption Amplifier (AA).
Besides HEX, Heart built an Ethereum fork called PulseChain, which faced problems during its launch and saw its native PLS token depreciate by 62.7% in just three weeks. Another of Heart's projects, PulseX, also faced problems during launch.
Recently, the SEC filed charges against Heart, who used user funds illegally. As a result, the capitalisation of the HEX token fell by $500 million.
HEX Team and Investors
At this point, it is unknown who else is on the project team. It is also unclear whether the project has raised funds from notable figures and companies in the crypto space.
The initial distribution of tokens was free. Bitcoin holders could mint HEX through HEX contracts.
The SEC's filing against Heart states that the project's founder pulled off a scheme in the early stages disguising “recycling” transactions and raised about 2 million ETH.
Since December 2019, Heart has raised more than $1 billion through three entities Hex, PulseChain and PulseX.
HEX Token Price
HEX Current Price
In fall 2021, the HEX token saw its highest price of $0.5561. Since then, the price began to drop and by the end of 2022, HEX was worth $0.01863. Since then, the asset has lost up to 98.2% of its value.
At the time of writing, the current HEX price is $0.004020, and it has a trading volume of $731,303 in 24 hours. The token has a market capitalisation of $697,136,654 and a circulating supply of 73,411,074,413 HEX coins.
Source and Copyright © TradingView
HEX Price Prediction
It is difficult to make price predictions of the HEX token due to various reasons:
- High volatility on the cryptocurrency market;
- The current price of HEX is low, and the project offers an attractive staking percentage, which could potentially lead to HEX growth in the future;
- Alternatively, the token could become highly devalued amid fraud charges against the crypto project's founder, Richard Heart.
- HEX's website has not been updated since the SEC's charges, which may also indicate that the project is a scam.
Trading HEX: Where Can You Buy and Trade HEX?
Many exchanges such as UniSwap have flagged the HEX token as an inappropriate investment. OKX, for example, has delisted the token.
However, HEX can still be purchased on exchanges such as Coinbase, Bitrue, Bitget, CoinTiger, MEXC and SuperEx.
Is HEX Crypto a Good Investment?
Whether HEX is a good investment remains controversial. The low cost of a token with a high percentage of staking yield attracts more investors. This could potentially lead to an increase in the asset's price in the near future. However, the founder of HEX has repeatedly admitted that he used various schemes, more like fraudulent ones, when promoting the project. The lack of practical application of the token, whitepaper and roadmap, as well as SEC charges, may raise doubts and push new investors away.
The decision on whether to invest in the project is up to you. This is not a call to invest. It is important to approach the process in an informed manner and remember to do your own research.
Frequently Asked Questions
How much is hex coin worth now?
The current price of the HEX token can always be found on this page. However, at the time of writing, the token price is $0.004020.
Is crypto hex legit?
The legitimacy of the HEX crypto remains controversial. Unlike many tokens on the market, HEX lacks transparency and a clear use case. Nevertheless, the developers claim that the proof-of-wait currency concept is that very use case. We recommend that you consider investing carefully and do your own research.