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- 1 The HEX Founder is currently facing an SEC lawsuit for allegedly defrauding investors with his crypto projects.
- 2 HEX token’s price has surged more than 8% today; see whether the uptrend will begin.
The HEX cryptocurrency has seen a price recovery after a recent endorsement from BitBoy Crypto on YouTube. Despite being sued by the U.S. Securities and Exchange Commission (SEC), HEX founder Richard Heart has received praise for his previous successful bull run.
BitBoy Crypto has noted that HEX peaked at an $80 billion market cap during its previous bull run, but lost value along with other cryptocurrencies soon after.
What did Ben Armstrong say?
Armstrong also spoke of the “insane yields” offered by HEX staking, which provides nearly 50% APY. HEX is like a crypto-based Certificate of Deposit that has generally been profitable for stakers, despite accusations of being a Ponzi scheme.
Armstrong mentioned how Heart responded to these allegations with wit, but never really denied them. Instead, he referred to everything, even the entire economy, as a Ponzi scheme.
“Hex is not a Ponzi Scheme,” says Ben
Armstrong noted that Heart’s point was “decent” as he differentiates between scams and Ponzi schemes, believing that not all Ponzi schemes are fraudulent. However, he warned that the SEC Chairman Gary Gensler may view Heart’s statement negatively, considering it a “dirty” remark.
The HEX Founder is currently facing an SEC lawsuit for allegedly defrauding investors with his crypto projects Hex, PulseChain, and PulseX, raising over $1 billion through unregistered securities. Heart is accused of engaging in a $12 million fraud to support a lavish lifestyle.
BitBoy Crypto also emphasized that the HEX system has never failed and stakers have always received their tokens at the agreed-upon unlock time. However, the staking model has recently generated controversy, partly due to Heart’s high-profile personality.
Heart was served a summons by the SEC on October 31, 2023, but confirming receipt in Helsinki has been challenging. The initial conference has been postponed to January 30, 2024, waiting for confirmation from Finland’s Ministry of Justice.
After Armstrong’s positive remarks, the price of HEX has witnessed a significant rebound. As of Monday, the price has surged more than 8.2% on the daily time frame with hopes of breaking the current resistance level which is at $0.01104.
After the current surge, the investors are confident that the current scenario will help to push the price of HEX above. The bullish investors are supported by the support levels of $0.006366 and $0.003954.
Summary
HEX cryptocurrency has received an endorsement from BitBoy Crypto, resulting in a price surge of over 8.2%. Despite being sued by the SEC, HEX founder Richard Heart has received praise for his previous successful bull run.
Technical Levels
- Support Levels: $0.00636 and $0.0039
- Resistance Levels: $0.011. and $0.0189
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
