It now appears that the final nail is put in the HEX project. Despite raising millions in investments, most of the ethereum deposits have been cashed out.

The HEX project has been very controversial since day one.

Where is the HEX Funds Going?

Despite a professional website and plausible explanation of the product, many suspected it was a pyramid scheme.

It is still too early to determine if that is indeed the case.

What is remarkable is how a lot of ether has been moved out of the so-called deposit address.

This address holds investor funds and should never see a mass exodus of funds.

Earlier today, several dozens ether transactions were made from this wallet.

Every transfer is equal to the amount of 1,337 Ether, or $188,157.

Why such big amounts of ETH are being moved to other addresses, is subject to severe speculation. 

Some claim it is a clear sign of how HEX has turned into a full-blown scam.

Assuming that is the case, it was merely a matter of time.

Even Trevon James, the notorious BitConnct promoter, turned his back on HEX some time ago.

For now, the project’s website is still online.

If and when an exit scam is pulled, that is usually the first resource to be taken offline altogether.

As such, it remains to be seen if there is another explanation as to where the money could have gone.