A HEX investor took to Reddit to disclose remorse a couple of resolution to lock up their HEX tokens for 3 years after being satisfied by “OGs” within the crypto group.
Launched by Richard Coronary heart in 2019, HEX is an ERC-20 token on the Ethereum blockchain. The token claimed to be an alternative choice to the standard Certificates of Deposit (CD) and promised stakers a 38% yearly staking reward. Traders may earn much more in the event that they locked in for longer.
With the expectation of revenue and excessive yield, the investor locked in an undisclosed quantity for 3 years. Nonetheless, quite a bit has modified for HEX since then, with the token surging to report highs and dropping to new lows not too long ago.
Notably, many skilled crypto thought leaders have known as out the token for being a fraudulent undertaking. But, HEX attracted a cult-like following of group members who championed it as the most effective crypto asset and inspired buyers to max out their funding lock interval.
HEX Investor Bemoans Losses
In a latest Reddit put up, a HEX investor expressed disappointment and frustration, saying they are going to incur a loss after factoring in gasoline charges to tug out HEX tokens he has locked for 3 lengthy years. Evidently, the investor would have cashed out with vital earnings if they’d not staked their tokens for lengthy and offered HEX close to the highest.
“I lastly have a 3-year HEX stake ending tomorrow. And after gasoline charges, I will probably be dropping cash. This isn’t FUD. I’m not speaking down on HEX in any method. I simply discover it unhappy {that a} 3-year funding netted me a loss. Kinda loopy,” the Reddit person wrote.
Whereas initially planning to finish his stake, the investor acknowledged that he was deterred by excessive Ethereum gasoline charges, which might additional eat into his returns.
Nonetheless, the investor was in a position to mitigate his loss after unstaking his HEX tokens from PulseChain – a controversial Ethereum fork with sooner blocks and cheaper charges.
“So it wasn’t a complete loss,” the investor wrote in a last replace.
HEX Struggles
Shortly after its launch in December 2019, HEX skilled vital development, skyrocketing from an preliminary worth of $0.00021740 to $0.01 in only a 12 months. Quick ahead to February 2021, the token hit 1 cent and reached an all-time excessive (ATH) of $0.51 in September.
Nonetheless, HEX began afterward and ultimately hit all-time low after the US Securities and Trade Fee (SEC) sued the undertaking and its founder, Richard Coronary heart. The lawsuit alleged that the undertaking’s founder used roughly $12 million from the unregistered providing of the token to buy luxurious gadgets, together with sports activities automobiles, watches, and a 555-carat black diamond.
Following SEC’s go well with in July 2023, the token declined by 35% whereas its market cap dropped by almost $500 million. On the time of writing, HEX was trading at $0.006097, representing a 3.40% lower within the final 24 hours and a 99% drop from its ATH.