HEX is down nearly 100% from it's all-time high after SEC charged Hex Founder Richard Heart with misappropriating millions of investor funds. What is HEX price prediction now? Find out more.

Key Points: 

  • $HEX is down over 70% in three months as regulatory concerns grow. 

  • $HEX has lost almost all of its value as the SEC piles on pressure against the project’s founder. 

Hex ($HEX) is looking increasingly like a dead cryptocurrency. The Ethereum-based token is down nearly 100% from it's all-time high, and the selling pressure is mounting as the project’s founder finds himself tangled in a legal nightmare. Let’s find out more about $HEX, the project’s controversial founder, and look at the HEX price predictions. 

HEX Explained

$HEX is an Ethereum-based crypto that claimed to be the first blockchain certificate of deposit (CD) when it launched in 2020. Like legacy CDs, anyone holding HEX is supposedly guaranteed a stable annual return rate. The project’s website claims that it’s the “future of finance” and promises massive yearly returns for holders. 

“The APY for HEX mining of average length is 38%. Imagine minting HEX rewards while the price of HEX is going up, you win twice,” claims the website. It also explains that anyone can mine HEX using their phone or PC simply by running the Hex code. 

The passive income system offered by $HEX is pretty simple. You agree to stake your tokens for a set period of time in exchange for rewards. The longer the tokens are locked, the more rewards are sent to the user's wallet. The longest staking period on offer is 15 years. It’s important to note that $HEX has been accused repeatedly of being a ponzi scheme. 

Rather concerningly, the project has no clear utility beyond offering massive returns. The only use case is that you can buy $HEX and then get more $HEX through staking and mining. 

HEX Price History 

$HEX’s price history is not a pretty picture. The token has no maximum supply, and its total supply exceeds 590 billion. As of writing, $HEX has basically no value trading for just $0.003. 

After launching in 2022, the token traded flat, but eventually, the bull market and the interest in its unprecedented passive income rewards drove its market cap higher. Its price surged from $0.05 in May 2021 to over $0.5 by September. 

The price has since been crashing. By May 2022, it was back down to $0.08, and by the end of the year, it was trading for just $0.02. Following a short-lived rally, $HEX is approaching a new multi year-low in 2023. 

Ponzi scheme accusations and the SEC’s moves against the Hex founder have driven $HEX’s price towards $0. Source: Binance

SEC vs. Hex Latest News

While online commentators have been pointing out that Hex could be a Ponzi scheme since day one, it’s taken a while for regulators to catch on. However, this year, the Hex project founder, Richard Heart, has been accused of selling unregistered securities by the SEC. 

According to the SEC, all three of Heart’s crypto projects, namely Hex, PulseChain and PulseX, breached US financial regulations. He is believed to have raised over $1 billion dollars through the projects and spent considerable amounts of the money on lavish luxury items like Italian sports cars and designer watches. 

The SEC cited the Hex staking feature in their claim and pointed out that Heart “attempted to evade securities laws by calling on investors to ‘sacrifice’ (instead of ‘invest’) their crypto assets in exchange for PLS and PLSX tokens.”

The SEC case was made known to the public in July and is ongoing. $HEX and the other cryptos mentioned in the filing have all lost nearly 100% of their value. 

Richard Heart, the Hex founder, is being investigated by the SEC.

HEX Price Prediction

Things don’t look good for $HEX. The SEC case has only reinforced the theory that $HEX was a scam. Although $HEX did manage to post some gains earlier this year, it now seems to have almost no hope of ever recovering. 

Tradingview’s technical indicators are bearish on $HEX. All the moving averages are in strong sell territory, and the MACD indicators are also in the red. Coincodex expects $HEX to keep dropping in the coming months. Their 2024 low target sees $HEX continuing to trade around $0.003. 

Techopedia is surprisingly bullish on $HEX, with an average price target of $0.01 this year and $0.015 next year. However, it’s possible that Techopedia hasn’t fully taken into account the implications of the SEC investigation. 

Will HEX Coin Recover?

$HEX promised holders massive returns with almost no downside. The aggressive marketing campaign that included taking out pages in globally respected newspapers and pasting $HEX on billboards in major cities helped its price pump during the bull run. However, $HEX never offered any use cases, and its value is nearing zero as the SEC’s case against Heart heats up, and faith in its passive income rewards dwindles.

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