Haven Protocol (XHV) Lead Developer Returns to Dispel Fears of Exit Scam
The disappearance of “havendev” sparked fears of an exit scam, but the lead developer has since resurfaced to put minds at rest.
The lead developer of Haven Protocol (XHV) has reappeared to assuage fears of an exit scam. Such suspicions wiped out around 30% of the XHV market value on Monday as social media users fretted that the project had been abandoned.
XHV has been one of the more hyped projects on social media, where it has been touted as the answer to crypto volatility. But instead of stability, XHV generated concerns as “havendev” was noticed to be missing from the project’s chats and social media. The disappearing developer debacle followed previous troubles with a bug inherited from Monero (XMR), which could have led to exploits through the creation of fake coins.
The project continues to be regarded as highly risky. XHV has been widely promoted as a minable coin and a reliable wallet for a new type of stablecoins.
In the past day, the price of XHV recovered from lows of around $0.30, going up to $0.35 as of 7:45 UTC on Tuesday. Volumes picked up in one last bout of selling, and some of the supporters actually bought the coin.
Compounding the exit scam rumors was a fake delisting notice from Bittrex, one of the main markets for XHV. For now, the exchange has not announced officially it plans to remove XHV, which was added in October 2018.
Previously, XHV was delisted from the small Nanex exchange due to a double spending bug inherited from the Monero protocol.
Around 49% of XHV trading is still concentrated on Bittrex, with another 46% on UpBit. For months now, there have been concerns that the project and the code are being slowly abandoned. More recently, some have called for the code to be released to the community to ensure the continuation of XHV.
Haven Protocol has attempted to create the so-called algorithmic stablecoins, though so far the assets have not materialized. Algorithmic stablecoins rely on one central asset with a fluctuating price to support the other coins.