SEC Issues Subpoenas to Influencers of a $7Billion Crypto Project

Pratik Bhuyan
November 5, 2022 Updated October 17, 2024
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The U.S. SEC has been a nightmare to many in the crypto space as they have relentlessly pursued actions against numerous crypto projects, founders, and influencers. 

As per latest reports, it seems like many HEX influencers have been subpoenaed by the government body. Eric Wall, a famous crypto evangelist first broke the news on Twitter, where he shared the official documents sent by the SEC.

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Former SEC Lawyer Voices His Opinion

The Hexican community was quick enough to dismiss these as FUD, but allegedly, an ex-SEC lawyer by the Twitter handle Marc_Fagel opined the letters circulating on Twitter to be genuine.

“There’s nothing about the subpoena to indicate it’s not legitimate. It looks exactly like the hundreds I signed while there”

He also replied to Eric Wall’s exposé tweet & confirmed that, “it’s almost certainly legit,”.

 

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Richard Heart & His Project HEX

Richard Heart, the founder of Hex and its sub-projects viz. Pulsechain, PulseX, etc posted a mysterious tweet that indicated towards utilizing secret chats (Telegram) or chats with self-destruction mode. This has raised the eyebrows of skeptics & many think it’s targeted to the influencers who have been subpoenaed.

Since its inception in the year 2019, HEX cryptocurrency has increased by 948,00%. The average return on the HEX project has been 38%, making it seem like a successful venture. HEX made it quite clear on its official website that they don’t run any Ponzi schemes.

HEX is basically an ERC20 crypto launched on top of the Ethereum blockchain. It is projected to be a store of value, a crypto savings of sorts. The HEX crypto holders had an average of 38% return & this directly challenges the U.S. banks where the annual interest rate is not more than 2%.

This is a developing story and will be updated as it progresses.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.