HEX Investor Who Locked For Three Years Laments Losing Money

A HEX investor took to Reddit to reveal regret about a decision to lock up their HEX tokens for three years after being convinced by “OGs” in the crypto community.

Launched by Richard Heart in 2019, HEX is an ERC-20 token on the Ethereum blockchain. The token claimed to be an alternative to the traditional Certificate of Deposit (CD) and promised stakers a 38% yearly staking reward. Investors could earn even more if they locked in for longer.

With the expectation of profit and high yield, the investor locked in an undisclosed amount for three years. However, a lot has changed for HEX since then, with the token surging to record highs and dropping to new lows recently.

Notably, many experienced crypto thought leaders have called out the token for being a fraudulent project. Yet, HEX attracted a cult-like following of community members who championed it as the best crypto asset and encouraged investors to max out their investment lock period.

HEX Investor Bemoans Losses

In a recent Reddit post, a HEX investor expressed disappointment and frustration, saying they will incur a loss after factoring in gas fees to pull out HEX tokens he has locked for three long years. Evidently, the investor would have cashed out with significant profits if they had not staked their tokens for long and sold HEX near the top.

“I finally have a 3-year HEX stake ending tomorrow. And after gas fees, I will be losing money. This isn’t FUD. I’m not talking down on HEX in any way. I just find it sad that a 3-year investment netted me a loss. Kinda crazy,” the Reddit user wrote.

While initially planning to end his stake, the investor stated that he was deterred by high Ethereum gas fees, which would further eat into his returns.

However, the investor was able to mitigate his loss after unstaking his HEX tokens from PulseChain – a controversial Ethereum fork with faster blocks and cheaper fees. 

“So it wasn’t a total loss,” the investor wrote in a final update.

HEX Struggles

Shortly after its launch in December 2019, HEX experienced significant growth, skyrocketing from an initial price of $0.00021740 to $0.01 in just a year. Fast forward to February 2021, the token hit 1 cent and reached an all-time high (ATH) of $0.51 in September.

However, HEX started afterward and eventually hit rock bottom after the United States Securities and Exchange Commission (SEC) sued the project and its founder, Richard Heart. The lawsuit alleged that the project’s founder used approximately $12 million from the unregistered offering of the token to purchase luxury items, including sports cars, watches, and a 555-carat black diamond.

Following SEC’s suit in July 2023, the token declined by 35% while its market cap dropped by nearly $500 million. At the time of writing, HEX was trading at $0.006097, representing a 3.40% decrease in the last 24 hours and a 99% drop from its ATH.