HEX Plummets Over 40% After SEC Files Lawsuit Against Creator Richard Heart

After the U.S. Securities and Exchange Commission filed a lawsuit against Richard Heart and his companies Hex, Pulsechain and Pulsex, the crypto asset hex (HEX) has been in a free fall. Two-week statistics show HEX has lost 41.7% against the U.S. dollar and 35.8% over the past seven days.

Uniswap Delists HEX Following SEC Lawsuit; HEX Loses Over 40%

In the past two weeks, HEX has shed more than 40% against the greenback, and on Aug. 2, 2023, the price is down around 2%. The U.S. Securities and Exchange Commission, or SEC, filed a lawsuit against the creator of the Hex blockchain, Richard Schueler, also known as Richard Heart, and his companies Pulsechain and Pulsex.

The SEC complaint accuses Heart of offering and selling unregistered crypto tokens and defrauding investors by misappropriating funds. Two days after the SEC complaint was filed, the largest decentralized exchange, or dex, by trade volume, Uniswap, delisted HEX from the dex interface.

According to metrics, there’s a circulating supply of 173,411,074,413 HEX based on the ERC20 standard; there’s also a total supply of 581,233,513,031 HEX. Approximately 60.89% of the circulating supply is held by the top 10 wallets among the 330,072 unique Ethereum addresses that hold HEX.

The top 100 addresses command 63.15% of the supply. On centralized exchanges that list HEX, the token has seen $5,183,908 in 24-hour global trade volume. This includes exchanges like Mexc, Bitget, Poloniex, Bitrue and Yobit, according to coingecko.com statistics.

PLS, the native asset for Pulsechain, on the other hand, is up 25% over the past day, but during the last seven days, it shed 42.3% against the U.S. dollar. In the past two weeks, PLS shed 46.9%. PLS has recorded around $2.1 million in global trade volume over the past 24 hours.

The Pulsechain block explorer claims the network has 70,752,114 unique addresses. Both HEX and PLS have been added to the alleged SEC securities crypto token market cap, which holds a value of around $84.9 billion on Aug. 2, with coins including BNB, ADA, SOL and many others.

What do you think about the value of HEX and PLS losing value this week following the SEC lawsuit against Heart and his companies? Share your thoughts and opinions about this subject in the comments section below.

via Jamie Redman