Posted in: Cryptocurrency News
Published:
December 16, 2019 4:45 PM UTC

New Bitcoin.com CEO Lists HEX Scam Token ‘Just Out of Spite’

The CEO of Bitcoin.com, Stefan Rust, has elected to list the controversial HEX (HEX) token just out of spite for Bitcoin maximalists.

  • Newly appointed exchange CEO lists controversial scam token.
  • The move stems from long-running tensions between rival factions within the cryptocurrency world – namely Bitcoin (BTC) and Bitcoin Cash (BCH) supporters.
  • BCH supporters worry associating with HEX will come back to bite them.

The CEO of Bitcoin.com decided to list the controversial HEX (HEX) token “just out of spite” for bitcoin maximalists.

That’s according to a screen grab from Bitcoin.com CEO Stefan Rust’s social media account, where he states the reasoning – or lack thereof – behind listing HEX.

The move stems from a long tit-for-tat drama between Bitcoin (BTC) and Bitcoin Cash (BCH) supporters. Bitcoin.com, which primarily supports Bitcoin Cash, has been criticized by its own users for endangering the BCH community by associating with HEX.

Bitcoin.com announced the decision to list HEX on December 15th | Source: @BitcoinComExch, Twitter

Heart’s HEX on Cryptocurrency

To say that HEX has already raised numerous red flags since launching in early December would be an understatement. Alarm bells first rang when documentation for HEX appeared bearing the promise of “10,000x gains in 2.5 years”.

HEX founder Richard Heart was then revealed to be a notorious scammer known as the ‘Spam King’. Heart allegedly made his fortune organizing illegal spam attacks in the early 2000’s.

Connections were then made between Heart and a criminal network operating out of Panama between 2005 and 2007. A laundry list of crimes, including theft, extortion and blackmail were linked to Heart’s various aliases in Panama at that time.

Today, Heart stands at the head of the new Ethereum-based token, HEX – which critics say stands to be his most profitable scam yet. A recent analysis of the HEX protocol suggested the token was set up wholly to enrich its creator.

Read: PSA: Crypto HEX Founder is Actually Notorious Criminal ‘Spam King’

[HEX]…is the first token I have seen to have its founder’s perpetual self-enrichment baked into the protocol… Richard not only possesses the Origin Address but will also comprise at least 45% of all the HEX in the staking pool after the first year.

Bitcoin.com Lists HEX

Stefan Rust was appointed Bitcoin.com CEO in August 2019, replacing “Bitcoin Jesus”, Roger Ver.

Many assumed Ver’s decision to stand down was a PR move, designed to cool the media furore surrounding one of cryptocurrency’s most polarizing figures. In light of new CEO Rust’s decision to list HEX, that notion can be put well and truly to bed.

Bitcoin.com CEO, Stefan Rust, stated he would list HEX for trading “just out of spite”. | Source: Twitter, @zackvoell

Rust’s screengrab references Peter McCormack – a Bitcoin supporter, journalist, and a vocal critic of Bitcoin Cash and other altcoins.

When McCormack butted heads with HEX’s Richard Heart during a recent Youtube livestream, Rust appears to have taken it personally:

Why did you see the interview with McCormack? Just out of spite! We’re going to list HEX…

Less than a day later Roger Ver appeared on Richard Heart’s Youtube channel to discuss Bitcoin, HEX, Bitcoin Cash and more. When Ver broached the subject of HEX being viewed as a scam, Heart said:

Sure, because it looks like a scam. It does look like a scam. You have to dig in. You know what else looks like a scam? Bitcoin – this s**t goes down 85% every three years. F**king Dogecoin only went down a few percent more. So what’s a better store of value, Dogecoin or Bitcoin?

Heart continued to make his point about store of value. The scam question was dropped entirely.

Commenters have suggested the McCormack drama could be a smokescreen for the real reason behind listing HEX. Namely, the immense profit to be gained from the listing fee, as well as the fees incurred by naive cryptocurrency traders.

This article was edited by Sam Bourgi.

Last modified: January 22, 2020 11:40 PM UTC

Greg Thomson @gregthomson88

Greg Thomson is a freelance journalist covering the cryptocurrency and blockchain beat. He contributed to numerous crypto news outlets before joining CCN and Hacked in 2018. Based in Glasgow, Scotland. Reach him directly gregthomson888@gmail.com, or Tweet at @gregthomson88.

Show comments