HEX token scam ads claim 11,500% returns in 4 months

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A controversial digital currency project has been targeting investors in the U.K. with claims of having made 11,500% in just four months. Digital currency project HEX claims to be the world’s first high-interest blockchain certificate of deposit.

“HEX priced up 11,500% in just 129 days,” reads one of the ads that the company displayed during an English Premier League soccer match. As observed by a Twitter user, the ad urges investors to visit the HEX website and become part of the success story.

pic.twitter.com/4AclrHhJHk

— Metallic Elmo (@metallicelmo) July 26, 2020

HEX has placed the ads in various other places across the U.K., from public buses to newspapers.

#HEX 🔥 pic.twitter.com/ZtmkFQ7Kna

— Hexhivist ⬢ (@hexhivist) July 28, 2020

The project has continued to laud its price rise on its website and through its social media accounts. On Twitter, the company describes HEX as what “might be the best opportunity of your life. HEX is designed to go up over 10,000x in only 2.5 years.”

So, what is HEX? The project, which launched in December 2019, is touted to be the first high interest blockchain certificate of deposit. The company claims to be giving investors the opportunity to earn interest on their holdings, and that it pays out interest ranging from 3.69% up to an eyebrow-raising 369%, depending on the percentage of the total supply that’s staked.

HEX was founded and launched by Richard Heart, a man who’s just as controversial as his project. Heart has relied on social media platforms to create a brand, with YouTube and Twitter being his biggest avenues. Heart has described HEX as a digital currency version of the traditional fixed deposit, with the investors earning interest for staking their digital currency stash.

However, many in and outside the digital currency industry have viewed the project as a scam. Heart has been one of the biggest red flags, with the social media personality being alleged to have formally been a member of a Panamanian criminal outfit. His crime ring is alleged to have been involved in robberies, blackmail, bribery and more.

Heart, who previously went by Richard Schueler, also faced lawsuit in Washington for violating the state’s anti-spam laws. At the time, he was known as the ‘Spam King.’

Other than the founder, the claims of extremely huge payouts by the company have also been a red flag. Such claims are usually associated with Ponzi schemes.

Despite the red flags, HEX’s price has been on an uptrend for the past few months. As per CoinMarketCap, the token is now priced at $0.006 with a market cap of $1.6 billion.