The HEX world could end as inventor Richard Heart defends himself against accusations of fraud by the SEC. The price of the ether-based token HEX has plummeted over the previous 24 hours amid this announcement; it is now trading at the $0.02 level at the time of writing.
BREAKING: Credible sources say @SECGov is looking into whether HEX, PulseChain and PulseX did illegal crowdfunding (ICO).
The founder @RichardHeartWin received $1 billion USD from participants over a year ago. His product PulseChain is yet to be launched.
— whalechart (@WhaleChart) December 27, 2022
2019 saw the debut of HEX. It has been nearly hard to ignore the “Ponzi scheme” attribute since the token first appeared on the crypto landscape. Even crypto analysts were baffled about how the coin’s market value increased to about $1 billion in mid-2022, yet it remained ostensibly “unnoticed” by the crypto market.
“In crypto, there’s a tribalism that every coin you buy is a world-changing amazing thing. Every coin anyone else buys is a scam by default,” Richard Heat, CEO of HEX.
During the past day, HEX investors have witnessed the token’s market valuation fall from $3.9B to $3.7B. At the time of writing, it lost 2.7% of its value within 24 hours. After learning that PulseChain would not launch, cryptocurrency enthusiast Mike Alfred observed that the project was self-destructing.
The PulseCahin project
The second “pipedream” that has been heavily promoted to the HEX community is PulseChain. PulseChain was initially intended to be a quick and affordable challenger to ethereum. However, it is still only a fork today. After the division succeeds, the PulseChain team will offer an airdrop to all ETH holders.
Throughout 2021, PulseChain underwent several testnets, each providing the HEX community optimism for a potential payout.
The $5 billion project on HEX, PulseChain, and PulseX might have disastrous effects on the market if (or when) it fails. However, the news that crypto influencers supporting HEX were issued subpoenas by the U.S. Securities and Exchange Commission (SEC) has not reduced investors’ anxiety.
Many people are shocked by the events surrounding FTX’s improbable bankruptcy declaration and the rumors that SBF was a government spy deployed and paid to infiltrate the crypto community. Some cryptocurrency proponents think the SEC set up the FTX scandal to gain “legitimate” justifications for regulating it. The existence of privacy currencies like Monero may challenge the SEC even if they prove accurate. The SEC, which also recently expressed doubts about audits, leaves a big question on their actions’ goal, especially now that FUD is all over the crypto ecosystem.