Shocking #Crypto Tale: Man Sells House During #BullRun ,Now Regrets It!

In a jaw-dropping turn of events, a man sold his house during the peak of the 2021 bull run, putting his faith in the cryptocurrency known as HEX. Fast forward to today, and the value of his investment has plummeted from 240,000 #HEX to a mere $1870 USD!

The story unfolds in a documentary clip, allegedly filmed during or before the last bull run. You can watch the intriguing conversation here: youtu.be/4I5akz5B8fM?t=107

In the clip, the husband reveals his risky move, confessing to his wife that he put their entire house money into HEX. Her response, "It's like playing with monopoly money," reflects the disbelief and uncertainty surrounding their financial decision.

At the time of the clip, the transaction screen displayed 242,646 HEX, equivalent to around $113,740 USD. However, today, that same amount is worth a mere $1870 USD, marking a staggering loss.

While the release date of the documentary remains unknown, it holds the promise of revealing the full story behind this risky investment and its consequences.

This cautionary tale serves as a reminder to exercise prudence and think twice before risking your hard-earned assets in volatile markets.

Follow us For Interesting Crypto Stories.

Thank you.

#Binance #Altcoins

$DASH $BCH $HIGH

$HEX has dropped by 35% from $0.0083 to $0.0054 in the past 24 hours. Hex founder Richard Heart and three entities were charged by the SEC today. Learn more -

Key Points: 

$HEX is down over 35% in 24 hours.

The SEC is suing Richard Heart, the founder of HEX, for fraud. 

$HEX is trading at a multi-year low. 

Hex ($HEX) has crashed by 35% in the last 24 hours after the SEC announced that it was suing Richard Heart, the project’s founder, for selling unregistered securities offerings and defrauding investors. $HEX is an Ethereum-based project that offers user stalking rewards and various DeFi features. This post will tell you what HEX is, how the SEC’s lawsuit against Richard Heart impacts the token and highlight some HEX price predictions. 

What Is HEX? 

HEX is a cryptocurrency launched in 2019 on the Ethereum blockchain. It is a decentralised finance (DeFi) project that allows users to stake tokens for a pre-agreed period of time in return for rewards that have, at times, been higher than those offered by competitors.  The HEX website states that staking $HEX returns an average of 38% annually. 

HEX has a limited inflation rate that is designed to prevent over-supply from reducing its value - although this sounds good in reality, the price action suggests it hasn’t worked. 

According to the SEC, the HEX founder, Richard Heart, once said the project was “the highest appreciating asset that has ever existed in the history of man.” The core use case of HEX is interest earning. During the launch, the project was criticised by some people who said it resembled a Ponzi scheme that relied on aggressive marketing and a constant flow of tokens from newly onboarded users to sustain itself. 

Who Is Richard Heart, And Why Is He Relevant To HEX? 

Richard Heart, 43, is a U.S. citizen with a big reputation in the crypto space that he has built by launching HEX, Pulsechain ($PLS) and PulseX exchange. Heart has personally promoted $HEX and $PLS through various mediums. 

As is often the case with crypto projects that one person fronts, any negative news about them tends to weigh heavily on the token. As a result, the SEC accusing Heart of fraud is about as bad as it gets in terms of news for $HEX. 

HEX Price Today: What’s Pushing It Down? 

$HEX has dropped by 35% from $0.0083 to $0.0054 in the past 24 hours. If we zoom out, the token has lost around 90% of its value in the last 12 months and is heading towards an all-time low. The short-term price dump is a result of the SEC’s lawsuit against Richard Heart. 

The SEC Vs HEX’s Richard Heart 

The SEC has accused Richard Heart of three unregistered securities offerings amounting to over $1 billion and personally defrauding investors of over $12 million. According to the SEC, Heart spent the ill-gotten gains on lavish goods such as a Ferrari, several Rolex watches and a 555-carat black diamond called ‘The Enigma, worth millions of dollars.

The SEC pointed out that the value of $HEX has dropped by nearly 100% from its peak in June, essentially rendering it “worthless”. While it’s clear that today’s Hex price drop is due to the SEC’s case, the long-term trend has been looking grizzly for a while. $HEX hit an all-time high of $0.51 during the 2021 bull market and has been trending down ever since. It did experience a brief spike in early 2023 which saw it recover to $0.01, but it has since lost 95% of those gains. 

Heart and Hex are yet to release an official response to the SEC’s accusations. 

$HEX has hit a yearly low following the SEC’s move against Richard Heart. 

HEX Price Predictions 

HEX’s price has been downtrend since September 2021, and the SEC lawsuit could be the nail in its coffin. Nonetheless, some traders find opportunities when assets are at their lowest valuation, so looking at a few HEX price predictions could be worthwhile. 

Changelly has issued a positive outlook for $HEX. They expect it to bounce back from its recent drop by the end of August and continue to rally into 2024. They see $HEX jumping by 270% to $0.02 in 2025 but don’t forecast a new all-time high this decade. 

Coindex is relatively bullish on HEX. Its HEX price prediction for 2024 is mixed with a yearly low of $0.005, basically no growth from today’s price, and a maximum price target of $0.014. Coindex doesn’t see a new all-time high on the horizon for HEX’s price and has set its maximum price target by 2030 at $0.04. 

Stormgain has forecast $HEX to grow every year throughout this decade. By the end of 2023, they expect a rebound to $0.07 and $0.1 by 2025. A new all-time high is possible but far from guaranteed by 2030, according to Stormgain. 

These HEX price predictions may not have entirely considered the SEC case, which could explain their bullish outlook. It’s also interesting that they seem relatively confident that even if HEX forms a long-term uptrend, the possibility of it hitting a new all-time high is unlikely. 

Other HEX News 

There haven’t been many big HEX announcements recently, but a few changes to the official website and Richard Heart’s online activity are noteworthy. 

HEX Website Diamond Flex

In a bizarre turn of events, the HEX official website has added a section that boasts about ‘The Enigma’ diamond that Heart is accused of purchasing using fraudulently obtained funds. The website claims that Heart has since renamed the precious stone“The HEX.COM Diamond".

Total Value Locked (TVL) $0

Although the HEX website remains very positive about HEX, with several headings highlighting its yearly return potential, the data trackers tell a different story. According to HEX.com, the TVL in $HEX has dropped to $0. 

Heart Goes Silent Days After Criticizing Curve Finance

Heart’s radio silence since the SEC case is unusual, considering how active he has been on Twitter over the past few days. The recent DeFi exploit that hit Curve Finance has seen millions of dollars vanish, and Heart was openly mocking $CRV on Twitter less than two days before the $HEX crash. 

Richard Heart was openly poking fun at $CRV days before $HEX crashed. Source: Twitter  

Conclusion

$HEX was controversial when it launched, with many people doubting the sustainability of its staking rewards model. The $HEX token’s price has been in a downtrend since late 2021, and today’s price drop following the SEC lawsuit announcement means it has almost lost 100% of its value. Some HEX price predictions expect the token to mount some sort of recovery, but it has to be said that the charts could get even uglier if the accusations levelled by the SEC against Richard Heart turn out to be true. 

#HEX #Priceanalysis

The Securities and Exchange Commission (SEC) in the United States has initiated an investigation against Richard Heart, the founder of the popular cryptocurrency Hex, as well as other projects like PulseChain and PulseX. The allegations revolve around misappropriation of funds from investors through unregistered securities offerings based on cryptographic assets, which attracted over a billion dollars in capital.

According to the SEC, Heart allegedly received over 2.3 million ethers, which was equivalent to approximately $678 million at that time, and redirected them to the public address of the Hex wallet. Additionally, he is accused of misappropriating at least $12.1 million from PulseChain investors' funds for personal use, including the purchase of luxury items like a 555-carat diamond, luxury cars, and watches. The charges also include the transfer of $217 million from investor funds to a private wallet.

Moreover, the commission alleges that Heart and his projects sold unregistered securities, a serious offense under financial regulations. The SEC claims that Heart artificially inflated the value of Hex and PulseChain, misleading investors.

As a result of the SEC's actions, the value of PulseX and Hex experienced a significant decline, leading many investors to sell their tokens out of fear of further consequences. Nevertheless, experts believe that this move by the SEC is beneficial for the cryptocurrency industry as it helps weed out fraudsters who exploit the system for personal gain. #HEX #PULSECHAIN

According to HEX Price Prediction, After a three-month downtrend on the daily chart, HEX broke above the descending trendline.Bullish signals are evident in the HEX crypto chart, with trading above major trend EMAs and increased buying volume.The HEX Price is currently in a bullish trend, supported by the RSI moving above 70, indicating overbought conditions and potential for continued upward movement.Strong bullish behavior in HEX price is observed, with a 100% rise in the last three days, signaling support from the bottom.The current market data indicates a 50% intraday rise, with HEX's market price at $0.008400.If the HEX crypto price closes above $0.009000, it may further rise towards $0.012500 and $0.020000.
KEY LEVELS :
RESISTANCE LEVEL : $0.012500-$0.020000
SUPPORT LEVEL : $0.0060000-$0.0040000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
#etf #crypto2024 #dyor #HEX #BinanceWish @Coingabbar Analysis