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

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.

GUYS. IT’S HAPPENING. Hexicans influencers are getting subpoenad by the SEC over HEX, PulseChain and PulseX. The HEX information channels are filled with information about how to shred your digital evidence 😂😂😂 pic.twitter.com/PrTYBRT9Wc

— Eric Wall X 🏴 (@ercwl) November 5, 2022

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,”.

As someone who sent 100s of subpoenas as an SEC lawyer, I’m here for all the misinformed responses claiming the subpoena is fake (it’s almost certainly legit, sorry). Please don’t blindly accept efforts to “debunk” a subpoena from people who have never seen one before.

— Marc, Still Jittery (@Marc_Fagel) November 5, 2022

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.

Do you accept the good advice you're given? You think you do, but do you really? Are you using secret chats with self destruct timers? Or are you a slow learner? Is it hard for you to click buttons?

— Richard Heart (@RichardHeartWin) November 3, 2022

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.