Reddit Posts
Thank you SEC for finally doing your job!
Statement from the SEC regarding their lawsuit filed today against Richard Heart, HEX, Pulsechain and PulseX
Hex is the most unregistered crypto security ever and also a scam.
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U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25794 / July 31, 2023 Securities and Exchange Commission v. Richard J. Schueler a/k/a Richard Heart, Hex, PulseChain, and PulseX, No. 23-cv-05794 (E.D.N.Y. filed July 31, 2023) SEC Charges Hex Founder Richard Heart with Misappropriating Millions of Dollars of Investor Funds from Unregistered Crypto Asset Securities Offerings That Raised More Than $1 Billion The Securities and Exchange Commission today charged Richard Heart (aka Richard Schueler) and three unincorporated entities that he controls, Hex, PulseChain, and PulseX, with conducting unregistered offerings of crypto asset securities that raised more than $1 billion in crypto assets from investors. The SEC also charged Heart and PulseChain with fraud for misappropriating at least $12 million of offering proceeds to purchase luxury goods including sports cars, watches, and a 555-carat black diamond known as 'The Enigma' - reportedly the largest black diamond in the world. According to the SEC's complaint, Heart began marketing Hex in 2018, claiming it was the first high-yield "blockchain certificate of deposit," and began promoting Hex tokens as an investment designed to make people "rich." From at least December 2019 through November 2020, Heart and Hex allegedly offered and sold Hex tokens in an unregistered offering, collecting more than 2.3 million Ethereum (ETH), including through so-called "recycling" transactions that enabled Heart to surreptitiously gain control of more Hex tokens. The complaint also alleges that, between at least July 2021 and March 2022, Heart orchestrated two additional unregistered crypto asset security offerings that each raised hundreds of millions of dollars more in crypto assets. As alleged, those funds were intended to support development of a supposed crypto asset network, PulseChain, and a claimed crypto asset trading platform, PulseX, through the offerings of their native tokens, respectively, PLS and PLSX. Heart also allegedly designed and marketed a so-called "staking" feature for Hex tokens, which he claimed would deliver returns as high as 38 percent. The complaint further alleges that Heart attempted to evade securities laws by calling on investors to "sacrifice" (instead of "invest") their crypto assets in exchange for PLS and PLSX tokens. The SEC's complaint, filed in U.S. District Court for the Eastern District of New York, alleges that Heart, Hex, PulseChain, and PulseX violated the registration provisions of Section 5 of the Securities Act of 1933. The complaint also alleges that Heart and PulseChain violated the antifraud provisions of the federal securities laws. The complaint seeks injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, penalties, and other equitable relief. The SEC's continuing investigation is being conducted by Jaime Marinaro and Derek Kleinmann of the Fort Worth Regional Office, with assistance from Jamie Haussecker. The investigation is supervised by Sarah S. Mallett and Eric Werner of the Fort Worth Regional Office and by Jorge G. Tenreiro and David Hirsch of the Crypto Assets and Cyber Unit. The litigation will be conducted by Matthew J. Gulde and supervised by B. David Fraser.
PLS on Pulsechain. Also pHEX and PLSX
Quant has the same sort of BS behind it, the plus obviously being it's much more scarcer. But yeah, don't fall for it. XRP,HEX, PLSX worst maxis on the planet
Excellent post- I guess I am a bit surprised you overlooked PULSECHAIN or PulseX? PLS is a layer 1, 1st cycle coin. You may consider reviewing the historical gains of 1st,2nd, & 3rd, crypto cycle coins. You will quickly see with each crypto cycle there are significant declines in gains for those coins. The most obvious being BTC or ETH. Note each cycle the diminishing gains by about a 10x fold. The same can be seen with virtually every legitimate crypto asset. Doing a Quick Look at your time frame you would be up roughly 60X for both PLS and PLSX with another 15-30X still left to move.
Pulsechain, Hex, PLSX is my core alts and Teddy Bear as the meme coin. Whatever profit i make will be to rotate into BTC.
PLSX, it gets bought and burned from the fees of people trading other shit coins, so it's like a meta-ascended shitcoin.
The fork of Ethereum called pulsechaine (PLS) is doing Really well and is faster, has cheaper fees (super low fees) and it's exchange PulseX (PLSX) is doing really well also.
$PLSX and $PLS melting faces.
If he hasn't sold, he hasn't lost anything. The HEX price will fluctuate as people enter and leave the market. When you stake hex you get T-Shares (which produce more HEX over time according to the code). HEX PLS PLSX is a fairly new ecosystem and will take time to figure out the SEC ruling and onboarding to create a more main stream adoption. The SEC case is a civil lawsuit for $27 million or so which is a tiny fraction of what RH has on hand. It won't affect HEX in the long run at all.
How bad will you feel when you listened to a sub Reddit that’s dedicated to coins that are already liked by the majority, meaning everybody is already in. Hex and the blockchain tokens the Richard heart made, PLS and PLSX, are hands down the best controversial investment of the century. You’d be sad that you didn’t throw in some lottery money. Plus, Richard heart, look him up for yourself and listen to his YouTube and make your own decision. DYOR. Listening to this echo chamber is not.
tldr; Richard Heart's cryptocurrency tokens, Hex (HEX), PulseChain (PLS), and PulseX (PLSX), have seen a significant drop in value, with declines of 99%, 87%, and 92% respectively from their all-time highs. This comes amid a billion-dollar lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Heart, accusing him of misappropriating at least $12 million from token sales for personal luxuries. Despite the lawsuit and the tokens' plummeting values, Heart's followers remain optimistic about the future. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
tldr; Richard Heart's tokens, including Hex (HEX), PulseChain (PLS), and PulseX (PLSX), have experienced significant losses, with their market capitalizations and values declining by 87% to 99%. The decline in value comes as Richard Heart faces a billion-dollar lawsuit filed by the SEC, alleging that he misappropriated $12 million from token sales for personal luxuries. The SEC has set a court date for November 28. Despite the confidence of Heart's supporters, the SEC appears to have the upper hand in the case, given Heart's promotion of the tokens as lucrative investments and his extravagant displays of wealth. The tokens' market capitalizations continue to dwindle, and Heart is now facing the consequences of his actions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
- HEX doesn’t even pretend to have a use case, the only thing you can do is use it for further investments and staking to get more HEX. There is no „commodity“ argument in this - HEX supply is controlled by one entity (whoever controls that origin address or whatever it’s called). The argument with other crypto is decentralisation, on the other hand, eg ETH fees don’t just transparently land on a wallet controlled by Vitalik Buterin. - PLSX doesn’t fare much better, last I checked a chunk of burned fees from pools went to one central address on there, while the pools upon launch basically sucked up most liquidity in the network - PLS was an ICO in all but name So yeah there’s plenty of crypto where you could make the security argument just as much, but also plenty who at least have a resemble of a commodity argument in favor of them not being a security. HEX definitely doesn’t. Also I think the main focus here is the fraud charge, and him sucking up money is a given for all three projects.
Maybe he sold on the way down to cut his losses. Even if he staked, he might have emergency end staked. Given the cult like behavior of hexicans it's rather unlikely tho. I think the RH ecosystem is an interesting socioeconomic experiment, but for someone whos all about the philosophy of crypto, eliminating counter party risk and all that jazz, RHs ecosystem has a whole lot of that. He keeps saying crypto was invented to eliminate/reduce the requirement of trust, but then he literally has the fattest stake on his PoS chain, which therefor requires trust in him not dumping or trusting that he doesn't have access to that wallet. Anyways, I'll keep throwing a couple bucks at HEX/PLS/PLSX every now and then, let's see what happens.
This is true, I am excited to see how people will deal with the leading zeros. Do you thinking they'll use scientific notation or just list them all? It's already pretty hard to fit PLSX and it's only existed for a month.
Pulsechain already launched and I received my PLS and PLSX coins. I’ve held bags for multiple coins but have never been early so I’m happy to be early on Pulsechain to see how it plays out.
Yeah maybe he’s providing liquidity, but as I say any one can do that on any chain or project. People do things without understanding risk etc If he had just held his PLSX he would be fine.
tldr; Richard Heart's blockchain project, Pulse, has failed to live up to expectations, with users stranded and the value of his flagship project, HEX, plummeting. Despite promises of reduced fees, gas fees for using Pulse are prohibitively expensive, and most fees have not reduced at all. HEX lost one-third of its value by the time Pulse launched, and has continued to sell-off since. PLSX, the on-chain exchange for Pulse, has no major exchange listings, and PLS trades on just two exchanges at prices below $0.0002. Many questions remain regarding Heart's sales of the funds raised during the launch of HEX, Pulse, and PulseX. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
This gets even better and better: >For instance, consider sacrificers just for PulseX who finally received their mainnet PLSX on May 13. Prior to May 23, there was no exchange for these users to acquire PLS for gas fees to move their PLSX tokens. In actual effect, therefore, **all of their funds remain immovable.**
I’m taking profit on Pulsechain (PLS) at 0.009 and on PLSX at 0.04….they just launched so the public should be able to purchase now, just have to bridge in some Eth.
But you could have bought ETH… here you can’t buy PLS or PLSX. Any crypto to bridge in is stuck. It’s really not that hard to comprehend
No its here to stay without a doubt with HEX,PLS,PLSX ecosystem, it will join the ranks of BTC and ETH and eventually surpass both mark my words