2023-08-06 12:01:42
On July 31, the US Securities and Exchange Commission charged Richard Heart with making an unauthorized sale of securities with the HEX 2018 issue. All of Heart’s crypto companies were named in the lawsuit, so HEX, PulseChain and PulseX are also forced to face charges of fraud. Authorities say Heart committed securities fraud and used investors’ money to buy luxury items. The impact of the indictment on the value of HEX and Pulsechain Not surprisingly, following the indictment, the market capitalization of HEX had already dropped to $700 million from the previous $1.47 billion by the second of August. From there, the value of the market capitalization recovered somewhat, but now it is only around 970 million dollars. HEX’s token has also somewhat recovered from the low point, it is now trading at around $0.0056, which means an increase of around 20% in three days. But not only HEX was affected by the case, but also the network of the first layer Pulsechain. The total committed amount fell by more than 50% to $136 million on July 31 from $327 million, but at the time of writing, the value had already returned to around $200 million. Trading also collapsed, with trading volume down more than 300% following the lawsuit was announced. On the first of August, on the largest decentralized exchange of the network, PulseX, a historical trading peak of 138 million might be registered. Since then, however, the value has stabilized at around 50 million dollars. Several platforms immediately reacted to the news, so MetaMask and Uniswap also removed support for HEX transactions from their platforms. Because of this, they have received quite serious criticism. But who can be blamed in an environment where anyone can be in the SEC’s crosshairs at any time.
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