Kofi Mensah Cryptocurrency HEX Plunges Over 40% as SEC Initiates Legal Proceedings Against Creator Richard Heart
The cryptocurrency hex (HEX) has seen a significant decline following the lawsuit initiated by the U.S. Securities and Exchange Commission (SEC) against its creator, Richard Heart, and his companies Hex, Pulsechain, and Pulsex. HEX’s valuation plummeted by 41.7% relative to the U.S. dollar within the past fortnight, while its week-over-week loss amounted to 35.8%.
HEX Suffers Over 40% Devaluation Following SEC Legal Action and Uniswap Delisting
Within a span of two weeks, the cryptocurrency HEX has endured a steep fall of more than 40% in its value against the U.S. dollar. This drop occurred after the U.S. Securities and Exchange Commission (SEC) launched a lawsuit against Richard Schueler, popularly known as Richard Heart, the brain behind the Hex blockchain, and his companies Pulsechain and Pulsex. The price of HEX was also down by approximately 2% on August 2, 2023.
Data on HEX/USDT from August 2, 2023.
The SEC’s lawsuit contends that Heart has been marketing and selling unlicensed cryptocurrency tokens and has deceived investors by misappropriating their funds. A mere two days after the SEC’s legal filing, Uniswap, the biggest decentralized exchange (dex) by trading volume, removed HEX from its trading interface.
As per available statistics, there’s a circulating supply of 173,411,074,413 HEX based on the ERC20 standard and a total supply of 581,233,513,031 HEX. Approximately 60.89% of the circulating supply is controlled by the top 10 wallets out of the 330,072 unique Ethereum addresses that hold HEX.
Details on PLS/USDT from August 2, 2023.
The largest 100 addresses hold 63.15% of the supply. HEX has seen a 24-hour global trading volume of $5,183,908 on centralized exchanges that list the token. Exchanges such as Mexc, Bitget, Poloniex, Bitrue, and Yobit are included in these statistics, as per coingecko.com.
Conversely, PLS, the core asset of Pulsechain, has risen 25% in the past day. Nevertheless, over the previous week, it dropped 42.3% against the U.S. dollar, and in the past fortnight, it has lost 46.9% of its value. PLS has recorded a global trading volume of roughly $2.1 million in the last 24 hours.
As reported by the Pulsechain block explorer, the network has 70,752,114 unique addresses. Both HEX and PLS have been included in the SEC’s alleged securities crypto token market cap, which stood at approximately $84.9 billion on August 2, with coins including BNB, ADA, SOL, and others.
We welcome your opinions and thoughts on the recent value depreciation of HEX and PLS following the SEC’s legal action against Heart and his companies. Please share your views about this topic in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about HEX cryptocurrency crash
Why did the value of HEX cryptocurrency fall by over 40%?
The value of the HEX cryptocurrency fell sharply following a lawsuit by the U.S. Securities and Exchange Commission (SEC) against Richard Heart, the creator of HEX, and his companies Hex, Pulsechain, and Pulsex.
What accusations does the SEC lawsuit contain against Richard Heart?
The SEC has accused Richard Heart of offering and selling unregistered cryptocurrency tokens and defrauding investors by misappropriating their funds.
What effect did the SEC lawsuit have on Uniswap’s listing of HEX?
Following the SEC lawsuit, Uniswap, the largest decentralized exchange by trading volume, removed HEX from its trading interface.
What has been the effect on other cryptocurrencies connected to Richard Heart?
Apart from HEX, PLS, the native asset for Pulsechain, saw a surge of 25% over the past day, but over the last seven days, it dropped 42.3% against the U.S. dollar.
What is the total and circulating supply of HEX?
As of the reported data, the total supply of HEX is 581,233,513,031, while the circulating supply is 173,411,074,413, based on the ERC20 standard.
Who holds the majority of the circulating supply of HEX?
Around 60.89% of the circulating supply of HEX is held by the top 10 wallets out of the 330,072 unique Ethereum addresses that hold HEX.
More about HEX cryptocurrency crash
- U.S. Securities and Exchange Commission (SEC)
- Uniswap
- HEX
- Pulsechain
- Pulsex
- coingecko.com
- Mexc
- Bitget
- Poloniex
- Bitrue
- Yobit
6 comments
sec’s cracking down on a lot of these projects lately. Stay vigilant people. Do ur research before investing.
As much as i hate to see the market bleed, these kind of corrections are necessary. Hang in there folks.
I’ve got some PLS, it’s been a roller coaster ride for sure. Can’t say I wasn’t warned bout the volatility of crypto though lol.
The wallets holding 60% of the HEX? Who are they? Needs some transparency in this market!
Never thought id see the day when the sec came for heart. things are getting real messy in crypto land.
uniswap delisted HEX? Woah didn’t see that comin! Things sure move quick in the crypto world.