{"id":545232,"date":"2023-07-31T15:20:05","date_gmt":"2023-07-31T15:20:05","guid":{"rendered":"https:\/\/wncen.com\/?p=545232"},"modified":"2024-06-11T09:24:33","modified_gmt":"2024-06-11T09:24:33","slug":"breaking-hex-token-plummets-25-following-sec-lawsuit-against-founder-richard-heart","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/breaking-hex-token-plummets-25-following-sec-lawsuit-against-founder-richard-heart\/","title":{"rendered":"Breaking: HEX Token Plummets 25% Following SEC Lawsuit Against Founder Richard Heart"},"content":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Richard \u201cHeart\u201d Schueler and crypto projects HEX, PULSECHAIN, and PULSEX. According to a document filed with a court for the Eastern District of New York and shared<\/a> on X by economist Alex Kr\u00fceger, the regulator is violating U.S. securities laws. <\/strong><\/p>\n

Related Reading: Is Another Bitcoin Rally Coming Soon? This Pattern May Say So<\/a><\/div>\n

As of this writing, HEX is feeling the heat from the lawsuit. The token plummeted over 11% in today\u2019s trade session alone as a direct impact of this development. It continues a downside trend that worsened over the past two weeks when the cryptocurrency saw a 23% loss.<\/p>\n

\"hex
HEX’s price trends to the downside on the daily chart. Source: HEXUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

SEC Fails With XRP But Goes After HEX<\/h2>\n

Per the document, the regulator claims that Richard Heart raised over $1 billion by allegedly offering unregistered security, the token HEX. The crypto founder supposedly offered the token in December 2019 and for the following three years to \u201cretail investors in the U.S. and abroad.\u201d<\/p>\n

The SEC claims that Heart operates via PulseChain and PulseX, part of the scheme that allegedly allows him to raise $1 billion from investors. Via these platforms, the regulator argues, Heart made \u201cgrandiose\u201d promises of wealth to his investors.<\/p>\n

Furthermore, the Commission claims that while Heart publicly spoke about supporting free speech, he supposedly purchased \u201cluxury goods\u201d by taking money from his investors. In that sense, the SEC claims that the crypto investor misappropriated his investors\u2019 assets and allegedly defrauded investors.<\/p>\n

The regulator placed a special focus on HEX\u2019s staking mechanism, its \u201clocked up\u201d periods, and how Heart allegedly manipulated the token\u2019s supply by \u201crecycling transactions.\u201d The document stated:<\/p>\n

Between December 2019 and November 2020, Heart, via the Hex public wallet address, accepted more than 2.3 million ether (\u201cETH\u201d), putatively from investors, worth more than $678 million at the time of deposits (\u2026). It appears that 94-97% of these ETH deposits, however, were \u201crecycling\u201d transactions directed by Heart or other insiders, which enabled Heart or other insiders to gain control of a large number of Hex tokens (\u2026).<\/p><\/blockquote>\n

Consensus In The Crypto Community<\/h3>\n

The U.S. SEC is coming out of a major loss after a court ruled out against their claims in the case versus payment company Ripple and its executives. The regulator stated that the company offered unregistered securities.<\/p>\n

However, unlike the Ripple and XRP case, the crypto community is taking the SEC\u2019s side and believes the regulator is on the right track. Heart has been a controversial figure for years in the nascent industry.<\/p>\n

Bloomberg Intelligence\u2019s James Seyffart stated<\/a> the following regarding the case:<\/p>\n

I may have been cheering for ripple to win their case despite not really liking the project (and honestly thinking it had many security-like traits). But I will be 100% pro SEC in this case. This is the type of project the SEC should have gone after years ago.<\/p><\/blockquote>\n

Related Reading: Dogecoin Price Prospects: Can The Memecoin Climb To The $0.1 Level?<\/a><\/div>\n

It remains to be seen if the regulator will score another negative result, but many in the crypto community are siding with the SEC.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Richard \u201cHeart\u201d Schueler and crypto projects HEX, PULSECHAIN, and PULSEX. According to a document filed with a court for the Eastern District of New York and shared on X by economist Alex Kr\u00fceger, the regulator is violating U.S. securities laws. Related Reading: Is Another Bitcoin Rally Coming Soon? This Pattern May Say So As of this writing, HEX is feeling the heat from the lawsuit. The token plummeted over 11% in today\u2019s trade session alone as a direct impact of this development. It continues a downside trend that worsened over the past two weeks when the cryptocurrency saw a 23% loss. SEC Fails With XRP But Goes After HEX Per the document, the regulator claims that Richard Heart raised over $1 billion by allegedly offering unregistered security, the token HEX. The crypto founder supposedly offered the token in December 2019 and for the following three years to \u201cretail investors in the U.S. and abroad.\u201d The SEC claims that Heart operates via PulseChain and PulseX, part of the scheme that allegedly allows him to raise $1 billion from investors. Via these platforms, the regulator argues, Heart made \u201cgrandiose\u201d promises of wealth to his investors. Furthermore, the Commission claims that while Heart publicly spoke about supporting free speech, he supposedly purchased \u201cluxury goods\u201d by taking money from his investors. In that sense, the SEC claims that the crypto investor misappropriated his investors\u2019 assets and allegedly defrauded investors. The regulator placed a special focus on HEX\u2019s staking mechanism, its \u201clocked up\u201d periods, and how Heart allegedly manipulated the token\u2019s supply by \u201crecycling transactions.\u201d The document stated: Between December 2019 and November 2020, Heart, via the Hex public wallet address, accepted more than 2.3 million ether (\u201cETH\u201d), putatively from investors, worth more than $678 million at the time of deposits (\u2026). It appears that 94-97% of these ETH deposits, however, were \u201crecycling\u201d transactions directed by Heart or other insiders, which enabled Heart or other insiders to gain control of a large number of Hex tokens (\u2026). Consensus In The Crypto Community The U.S. SEC is coming out of a major loss after a court ruled out against their claims in the case versus payment company Ripple and its executives. The regulator stated that the company offered unregistered securities. However, unlike the Ripple and XRP case, the crypto community is taking the SEC\u2019s side and believes the regulator is on the right track. Heart has been a controversial figure for years in the nascent industry. Bloomberg Intelligence\u2019s James Seyffart stated the following regarding the case: I may have been cheering for ripple to win their case despite not really liking the project (and honestly thinking it had many security-like traits). But I will be 100% pro SEC in this case. This is the type of project the SEC should have gone after years ago. Related Reading: Dogecoin Price Prospects: Can The Memecoin Climb To The $0.1 Level? It remains to be seen if the regulator will score another negative result, but many in the crypto community are siding with the SEC. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":545233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,64016,88743,3799],"class_list":["post-545232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-hex","tag-hexusdt","tag-sec"],"acf":[],"yoast_head":"\nHEX Plummets 25% Following SEC Lawsuit Against Founder<\/title>\n<meta name=\"description\" content=\"The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Richard \u201cHeart\u201d Schueler and crypto project HEX.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Breaking: HEX Token Plummets 25% Following SEC Lawsuit Against Founder Richard Heart","url":"http:\/\/wncen.com\/news\/breaking-hex-token-plummets-25-following-sec-lawsuit-against-founder-richard-heart\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/breaking-hex-token-plummets-25-following-sec-lawsuit-against-founder-richard-heart\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/HEX-HEXUSDT-Richard-Heart.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/HEX-HEXUSDT-Richard-Heart.jpg?fit=640%2C415"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","hex","hexusdt","sec"],"dateCreated":"2023-07-31T15:20:05Z","datePublished":"2023-07-31T15:20:05Z","dateModified":"2024-06-11T09:24:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Breaking: HEX Token Plummets 25% Following SEC Lawsuit Against Founder Richard Heart\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/breaking-hex-token-plummets-25-following-sec-lawsuit-against-founder-richard-heart\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/breaking-hex-token-plummets-25-following-sec-lawsuit-against-founder-richard-heart\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/HEX-HEXUSDT-Richard-Heart.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/HEX-HEXUSDT-Richard-Heart.jpg?fit=640%2C415\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"hex\",\"hexusdt\",\"sec\"],\"dateCreated\":\"2023-07-31T15:20:05Z\",\"datePublished\":\"2023-07-31T15:20:05Z\",\"dateModified\":\"2024-06-11T09:24:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/HEX-HEXUSDT-Richard-Heart.jpg?fit=640%2C415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545232"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545233"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}