After a major victory in its lawsuit against the SEC, HEX has been on a rising path. Most recently, the token saw a 15% price surge, recovering from its earlier declines. This comes after the token once again became available on Uniswap.
On Tuesday, March 4th, HEX recorded a 15.18% price increase after it once again became available for trading on Uniswap. The news helped the token recover from the earlier slump caused by general market uncertainty due to the controversial US tariff policy.
A US judge’s dismissal of the Securities and Exchange Commission (SEC) lawsuit against the project on February 28 preceded Uniswap’s decision. Uniswap, the biggest decentralized exchange in the world, first removed HEX in August 2023.
The reason for HEX’s removal was litigation with the SEC, which alleged that the token was an unregistered security. The agency also accused its CEO Richard Heart of raising more than $1 billion via an unregistered offering.
Heart also allegedly misappropriated $12.1 million of the company’s money on luxury items, including sports cars, watches, and a 555-carat black diamond known as ‘The Enigma,’ the SEC claimed.
For this reason, listing the token potentially exposed Uniswap to litigation, which was already under investigation by the agency.
What’s Next for HEX?
Since then, conditions have changed significantly. The leadership change in the SEC following Donald Trump’s appointment prompted the agency to close its investigation into Uniswap. More recently, the SEC closed its litigation against many other crypto companies, including Binance and Coinbase.
Still, both HEX and its CEO continue to face legal issues. For one, the judge dismissed the SEC’s lawsuit primarily due to jurisdictional issues. At the same time, Heart is still at large, facing litigation in Finland for unrelated offenses. These include personal and business tax fraud, as well as physically assaulting a minor.
HEX is also a target of ongoing criticism over its business model, with some calling the token a Ponzi scheme. Critics also accuse the project of setting unrealistic goals, including promising returns of up to 11,500%. Heart has even confirmed using “tactics a scam might use”.
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