The “SEC effect” was revealed to the broader crypto community back in June, when the US Securities and Exchange Commission, following a lawsuit, declared Coinbase, Solana (SOL), Cardano (ADA) and Polygon (MATIC) to be securities. The result: price drops of more than 20 percent for the respective tokens. Now it hits the crypto projects Hex and Pulsechain, which are linked to Richard Heart. Both also suffered heavy losses after a lawsuit against Heart became known.
He is said to have sold unregistered securities using Hex and Pulsechain. These are also the allegations against Coinbase. In contrast to the lawsuit against the crypto exchange, the US Securities and Exchange Commission also accuses the controversial founder of cheating on his own followers. Heart is said to have bought sports cars, luxury watches and diamonds with the money from its investors. That doesn’t reflect well on the man who was once filmed doing it Louis Vuitton store emptied.
“Spam King” dethroned, HEX and PLS overthrown
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