Benzinga - Popular veteran trader Peter Brandt on Sunday said that 99.8% of altcoins will eventually meet a similar fate as HEX coin.
What Happened: Brandt in a tweet said, "as an observer of the madness of crowds, I’m fascinated that the lovers of sh*tcoins such as HEX think most altcoins will eventually become worthless except their own pet rock 99.8% of altcoins will eventually become Hexed."
As an observer of the madness of crowds, I'm fascinated that the lovers of $8hitcoins such as $HEX think most altcoins will eventually become worthless except their own pet rock99.8% of altcoins will eventually become Hexed pic.twitter.com/4lHFxhIoZ8
— Peter Brandt (@PeterLBrandt) August 6, 2023
This comes after the Securities and Exchange Commission (SEC) sued an internet marketer named Richard Schueler, alias Richard Heart, along with his associated projects Hex, PulseChain, and PulseX. The SEC alleges that Schueler conducted three separate unregistered securities offerings since 2019, raising more than $1 billion in the process.
The lawsuit further accuses Schueler of defrauding his investors by misusing their funds for personal gain. Despite claiming that these investments would lead to substantial wealth for investors, Schueler allegedly used millions of dollars from PulseChain investor funds to finance his own luxury purchases. The SEC emphasized that Schueler did not disclose this to investors, who were led to believe that their funds were being used to support free speech.
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Why It Matters: Schueler presented HEX to outperform Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC).
Heart pumped Hex's capacity for investment gain, claiming that, "Hex is designed to surpass ETH, which did 10,000x price in 2.5 years. It's working! So far, HEX's USD price went up 115x in 129 days,'” the suit said.
Price Action: At the time of writing, HEX was trading at $0.00523238, down 37.29% in the last 7 days, according to Benzinga Pro.
Photo Courtesy: Shutterstock.com
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