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The crypto industry has been gripped with developments surrounding the HEX token, which is a relatively small cryptocurrency that has gained popularity due to its founder – Richard Heart – being a popular Bitcoin maximalist on Twitter.

The token also garnered support from popular, albeit controversial, figures within the crypto space, including former BitConnect advocate Trevon James. The promotional campaigns surrounding this token brought it to the forefront of the industry, subsequently building some support from neophyte crypto investors.

In spite of having backing from a small handful of popular industry figures, a recent announcement from a HEX team member seems to confirm the wide-held theory that it is an alleged exit scam.

HEX, which is advertised on its website as the “first high-interest blockchain certificate of deposit,” encourages users to stake the token in order to watch their holdings “multiply.”

On the token’s website, there are multiple glaring red flags that should have alerted investors that it wasn’t a legitimate project, including a prominently featured sub-heading that boasts that “HEX is designed to increase in value faster than anything else in history.”

The shadiness doesn’t end here, however, as the site also uses words like “pumpamentals” to describe the cryptocurrency’s fundamental structure.

While explaining how the token is able to provide users with “life-changing wealth,” it vaguely states that it uses a “computer science breakthrough to disrupt the largest markets in the world with a product of nearly infinite profit margin.”

As CryptoSlate previously reported, there has been a myriad of evidence that HEX was an exit scam, including a report from January detailing $7 million worth of Ethereum had been withdrawn from an address associated with HEX.

One analyst operating under the pseudonym “runbtc” posted a screenshot this evening showing what appears to be a statement from a HEX team member named “Paul” in which he says that he is removing HEX Tool from the app stores, as he believes there is evident manipulation of HEX’s market value.

Although this is certainly not conclusive that the token is, in fact, an exit scam, it does confirm that insiders within the HEX ecosystem are beginning to jump ship due to ethical concerns.

The post The HEXit continues: HEX Tool “closes up shop” due to manipulation concerns appeared first on CryptoSlate.

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