Hex token, affiliated with Richard Heart’s PulseChain blockchain, surged over 75% after a US judge tossed a fraud case involving the founder and the SEC.
The token posted this meteoric pump in the past 24 hours, moving from around $0.00225 to its current price of $0.003972. Meanwhile, other assets linked to Richard Heart also surged substantially, with Pulsechain (PLS) and PulseX (PLSX) growing 34% and 61%, respectively.
This upward trajectory came on the back of the US district court dismissing a legal contest involving Heart and the US Securities and Exchange Commission (SEC). The presiding judge, Carol Bagley Amon, ruled on the case on Friday, acquitting the crypto founder of all fraud allegations.
Heart Walks Free After SEC Brawl
In July 2023, the US SEC sued Heart for raising $1 billion by selling unregistered securities to US investors. Furthermore, the regulators alleged that he defrauded users of $12.1 million and spent it on luxury cars and rare collections.
One of the priced collections Heart allegedly bought was “The Enigma,” a 555.55-carat black diamond sold for $4.4 million in February 2022. The US citizen who resided in Finland also acquired McLaren and Ferrari sports cars and luxury Rolex watches.
#AuctionUpdate “The Enigma”: This 555.55 carat Black Diamond sold today for £3,161,000 / $4,292,322. The buyer has opted to use cryptocurrency for the purchase. #SothebysJewels pic.twitter.com/ZuiL9SxET8
— Sotheby’s (@Sothebys) February 9, 2022
Notably, Judge Amon found Heart’s crypto activities beyond the US SEC’s purview. The court noted that the regulator could not prove that the founder’s crypto platform and wallets were within the US’s jurisdiction. This resulted in the dismissal.
“To the extent the complaint shows that Heart misappropriated investor funds through deceptive mixer transactions, those actions occurred entirely outside of the United States,” the judge stated.
A Rare Win Against the SEC
Meanwhile, the PulseChain founder took to X to celebrate the “rare” victory against the US SEC. He tweeted that Amon correctly ruled that the tokens under the PulseChain ecosystem (PLS, PLSX, and HEX) are not securities and can now flourish with other assets in the crypto space.
I appreciate Judge Amon’s careful ruling which has dismissed all of the SEC’s claims against me. This type of victory over the SEC is quite rare. PulseChain, PulseX and HEX are not securities and should be allowed to flourish. HEX has operated flawlessly for over 5 years. Today’s…
— Richard Heart (@RichardHeartWin) February 28, 2025
Furthermore, he appreciated President Donald Trump’s support for the digital asset industry and the regulatory clarity it has brought. Heart also insisted that HEX has flawlessly operated for 5 years, and the Friday ruling brings further relief to the project and the broader crypto industry.
Moreover, the case adds to the growing list of SEC litigations that are now underwater. In the past week, the regulator dropped its legal battles with Coinbase, Robinhood, and Gemini, among others.
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Source: https://thecryptobasic.com/2025/03/01/hex-token-soars-75-as-us-court-dismisses-fraud-case-against-richard-heart/?utm_source=rss&utm_medium=rss&utm_campaign=hex-token-soars-75-as-us-court-dismisses-fraud-case-against-richard-heart