HEX Drops 60% On Bitcoin.com As Controversy Builds Around It

The skeptical cryptocurrency exchange Bitcoin.com is in today’s cryptocurrency news for sparking a series of controversy after supporting one altcoin named HEX which was widely considered to be a scam. As HEX drops 60% in today’s updates, officials confirmed that the trading of the altcoin had gone live two days before this.

A full article and Twitter post on December 15 showed this and made sure that this move makes Bitcoin.com one of the few recognized trading platforms which forged ties with HEX. Together with the founder Richard Heart, the altcoin continues to field widespread accusations of fraud.

In fact, we have already covered HEX in our altcoin news and rumors – before it was listed on Bitcoin.com. Now, the exchange claimed that it wished to offer security to those looking to trade the coin which launched earlier this month.

“We are thrilled to announce that we have just listed #HEX by @RichardHeartWin on our exchange, giving anyone who wants to trade it a secure venue to do so. Check it out!” its Twitter announcement reads.

Even though little trading data is available now as HEX drops 60%, the markets have traded the equivalent of 0.81 BTC ($5,700) in the past 24 hours. During this period, the platform’s two HEX trading pairs HEX/BCH and HEX/ETH have dropped in price by 64% as well as 57%, respectively.

As media outlets reported, the altcoin purports to enrich investors by giving away free tokens in return for confirming BTC holdings. However, critics are sure that Heart (the owner of HEX and its “origin address”) will control around 45% of the entire HEX supply just one year after the launch.

“Not only will Richard control close to half of all HEX after the first year, but it is the first token I have seen to have its founder’s perpetual self-enrichment baked into the protocol,” one blog post on the topic of HEX by a private researcher known as Goldman Sats showed.

The analyst also added that as HEX drops 60%, Heart seeks to downplay the existence of the origin address – even despite its status as a giant centralized repository that is capable of crashing the entire HEX market with one sell-off.