The HEX token is dominating headlines after a massive price surge of over 54%. The sharp rise comes in response to a U.S. judge dismissing a fraud case filed by the SEC against Richard Heart, the founder of HEX and PulseChain.
Why is HEX Surging?
Heart, a U.S. citizen living in Finland, was accused by the SEC of raising more than $1 billion through unregistered crypto offerings. Regulators also alleged that he misused $12.1 million from investors to purchase luxury items, including rare collectibles and high-end sports cars.
However, on Friday, U.S. District Judge Carol Bagley Amon ruled that the case had no significant ties to the United States, leading to its dismissal.
HEX and Its Role in the Crypto Market
HEX is an ERC-20 token built on the Ethereum blockchain, designed to function as a store of value. Its purpose is to act as a decentralized alternative to traditional Certificates of Deposit (CDs) found in the banking system.
The project also integrates with the broader DeFi ecosystem, allowing users to stake their tokens and earn interest over time.
Since its launch, HEX has maintained a devoted community despite controversies surrounding its founder. The latest legal victory has given the token a renewed sense of legitimacy, boosting investor confidence.
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Luxury Purchases and SEC Allegations
The SEC had accused Heart of using investor funds for extravagant personal purchases. Among the most notable was “The Enigma,” a 555.55-carat black diamond, which he acquired for $4.4 million in early 2022.
Additionally, authorities claimed he spent millions on McLaren and Ferrari sports cars, as well as luxury Rolex watches.
Despite these allegations, the court’s ruling has now shifted the narrative. With the lawsuit dismissed, Heart and his supporters view this as a significant win against regulatory overreach.
HEX’s Price Actions
Following the news, HEX’s price skyrocketed. The token is currently trading at $0.003508, marking a gain of more than 50% in the last 24 hours. Its global market cap has climbed to $2.01 billion, while trading volume has surged by an astonishing 554%.
This dramatic spike highlights renewed interest from traders and investors, many of whom see the legal outcome as a green light for further market growth. The significant increase in trading activity suggests that HEX is once again drawing attention as a potential high-risk, high-reward asset.
The dismissal of the SEC case has given HEX a new lease on life, fueling a major price surge and restoring confidence in the project. While legal troubles may no longer be an immediate concern, the token’s long-term success will depend on its adoption and sustained investor interest.
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