Hex loses $500M in market cap after SEC lawsuit; token removed from MetaMask, Uniswap

Hex (HEX) market cap has dropped by nearly $500 million since the U.S. Securities and Exchange Commission labeled it security in its lawsuit against its founder, Richard Heart. On July 31.

Timeline of Hex, , Uniswap

Trading bots, i.e., software programs designed to automate the processes of placing and canceling orders on centralized and decentralized exchanges, have become increasingly popular.

In an analysis, Anders Helseth, Vice President at K33 Research, has mounted a strong case against the viability of the Uniswap (UNI) token. His analysis pivots on the intriguing dynamics of the decentralized finance (DeFi) market, fundamentally challenging the current valuation and future potential of UNI.

After the U.S. Securities and Exchange Commission filed a lawsuit against Richard Heart and his companies Hex, Pulsechain and Pulsex, the crypto asset hex (HEX) has been in a free fall. Two-week statistics show HEX has lost 41.7% against the U.S. dollar and 35.8% over the past seven days.

Uniswap, the largest decentralized exchange, has removed the HEX token from its interface after it was recently declared an unregistered security by the United States Securities and Exchange Commission (SEC). This comes as another blow for the token in what has been an unpleasant week so far.

The Securities and Exchange Commission declared HEX and two other crypto projects led by Richard Heart as unregistered securities in a lawsuit. Heart allegedly raised $1 billion from HEX, PulseChain, and PulseX since 2019, per the SEC's claims in an Eastern District of New York court.

Uniswap (UNI) has experienced a remarkable, bullish surge in its price amidst mounting sell-pressure on cryptocurrency exchanges. Bullish crypto traders have actively placed orders to buy 1.3 million UNI tokens, driving the price to $6.43, one of the highest levels in the past four months.

The SEC continues its crackdown on alleged securities violations. In its latest move, the agency charged Richard Heart, founder of Hex, with conducting unregistered securities offerings that raised over $1 billion.

Richard Schueler, popularly known as Richard Heart, is facing a lawsuit alleging he raised over $1 billion in unregistered securities offerings across three projects and used investor funds for personal expenses.

On July 31, the U.S. Securities and Exchange Commission (SEC) filed suit against Richard Heart, the founder of blockchain projects PulseChain and HEX, for allegedly defrauding investors and selling unregistered crypto securities.

The U.S. Securities and Exchange Commission (SEC) has initiated a lawsuit against Richard Schueler, better known in the crypto world as Richard Heart, for unregistered offerings of three tokens: HEX, PulseChain, and PulseX. The SEC alleges that he raised over $1 billion through the unregistered offerings starting in 2019.