US SEC may take steep measures against HEX

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Crypto Regulation
US SEC may take steep measures against HEX

The U.S. Security and Exchange Commission (SEC) could reportedly take steep measures on HEX, PulseChain, and PulseX’s initial coin offering (ICO).

HEX founder accused of fraud

Per reports from individuals with the knowledge of the matter, the SEC wants to look into the origin of HEX and subsequent developments in PulseChain and PulseX. It is amid rumors that Richard Heart, the founder, received a whooping $1 billion from users in 2021.

In September 2018, HEX launched its live presale, and CEO Sammy Kwok disclosed that an agreement had been reached with Hong Kong CryptoFund for the latter to acquire all unsold tokens on the final day of the presale. As a result, HEX would probably get the hard cap of 100,000 ETH before the crowd sale began. 

CryptoFund’s staff stated that the collaboration was due to HEX’s technology, reverse ICO advantage, and high capability of socialization utilizing the Aston platform.

After all the activities during HEX’s launch, investors couldn’t find answers and clarity on how the network operates. Some analysts questioned how the token is distributed since Richard Heart allegedly kept 45% of the whole supply in the genesis wallet at the time. Heart has tried to plead his case, saying that investors have a culture of dubbing coins as scams. However, it doesn’t necessarily mean his coin falls under the said category. 

In November, the SEC issued a subpoena on influencers who promoted HEX, PulseChain, and PulseX. Supporters of HEX initially denounced the subpoena as phony on social media. However, as rumors surrounding HEX’s management swirled, most began ducking as commands for document destruction began to circulate on HEX-related Discord and Telegram channels.

Richard Heart’s lavish lifestyle

Richard has consistently been modest in his foppish and modest lifestyle thanks to the finances he made from his schemes. There have always been questionable transfers connected with HEX from the beginning. According to his Twitter Page bio, he possesses the world’s giant diamond, fastest Ferrari, and priciest Rolexes.

HEX directly targeted investors globally, placing advertisements announcing an 11,500% price increase in 4 months in football stadiums, especially those involved in the English premier league. 

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Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.