Bitcoin, Ethereum and the wider crypto market was hard hit by the collapse of the terra stablecoin and its support coin luna earlier this year—with the market’s “fate” still to be decided. The bitcoin price has crashed under $20,000, down more than 70% from its all-time highs, while ethereum and other major cryptocurrencies have suffered even sharper falls (though some think they’ve spotted a $28 trillion opportunity). Now, after one of Wall Street’s most influential chief executives has warned of growing market “panic,” another controversial cryptocurrency that has a market capitalization of $5 billion is facing claims it’s about to implode after seeing its price crash by 90% from its all-time highs. Hex, launched in late 2019 on top of the ethereum network, has seen its price grow rapidly over the last two years but has also attracted criticism due to its system of rewarding those who keep their hex tokens locked up and penalizing those who don’t, a version of a cryptocurrency system called “staking.” Richard Heart, hex’s creator and an outspoken defender of the cryptocurrency, has meanwhile faced accusations outlined in Protos that he’s sold off the bitcoin and ethereum investors used to buy hex at launch and drained the addresses used to collect hex fees. Heart didn’t respond to a request for comment ahead of publication.
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