Hex Token Soars 75% as US Court Dismisses Fraud Case Against Richard Heart
Hex token, affiliated with Richard Hearts PulseChain blockchain, surged over 75% after a US judge tossed a fraud case involving the founder and the SEC.The token posted this meteoric pump in the past 24 hours, moving from around $0.00225 to its current price of $0.003972. Meanwhile, other assets linked to Richard Heart also surged substantially, with Pulsechain (PLS) and PulseX (PLSX) growing 34% and 61%, respectively.This upward trajectory came on the back of the US district court dismissing a legal contest involving Heart and the US Securities and Exchange Commission (SEC). The presiding judge, Carol Bagley Amon, ruled on the case on Friday, acquitting the crypto founder of all fraud allegations.Heart Walks Free After SEC BrawlIn July 2023, the US SEC sued Heart for raising $1 billion by selling unregistered securities to US investors. Furthermore, the regulators alleged that he defrauded users of $12.1 million and spent it on luxury cars and rare collections.One of the priced collections Heart allegedly bought was The Enigma, a 555.55-carat black diamond sold for $4.4 million in February 2022. The US citizen who resided in Finland also acquired McLaren and Ferrari sports cars and luxury Rolex watches.https://twitter.com/Sothebys/status/1491469014337572866Notably, Judge Amon found Hearts crypto activities beyond the US SECs purview. The court noted that the regulator could not prove that the founders crypto platform and wallets were within the USs jurisdiction. This resulted in the dismissal.To the extent the complaint shows that Heart misappropriated investor funds through deceptive mixer transactions, those actions occurred entirely outside of the United States, the judge stated.A Rare Win Against the SECMeanwhile, the PulseChain founder took to X to celebrate the "rare" victory against the US SEC. He tweeted that Amon correctly ruled that the tokens under the PulseChain ecosystem (PLS, PLSX, and HEX) are not securities and can now flourish with other assets in the crypto space.https://twitter.com/RichardHeartWin/status/1895611137066205509Furthermore, he appreciated President Donald Trumps support for the digital asset industry and the regulatory clarity it has brought. Heart also insisted that HEX has flawlessly operated for 5 years, and the Friday ruling brings further relief to the project and the broader crypto industry.Moreover, the case adds to the growing list of SEC litigations that are now underwater. In the past week, the regulator dropped its legal battles with Coinbase, Robinhood, and Gemini, among others.
Text source: The Crypto Basic
