In a bold claim on Twitter, Richard Heart, the founder of Hex, asserts that PulseChain surpasses Bitcoin on multiple fronts. Heart highlights its purported advantages, including being environmentally friendly, boasting 40,000 times cheaper transactions, 750,000,000 times cheaper per unit, and providing 4.5 times higher throughput.
He also mentioned that PulseChain flaunts features like on-chain exchanges, smart contracts, and a cost-efficient bridge, allowing users to become full validators with a mere $1760 investment.
PulseChain, according to Heart, emerges as a faster, cheaper, and more feature-rich alternative, positioning itself as superior technology compared to Bitcoin.
However, this narrative takes a dark turn, as the Securities and Exchange Commission (SEC) had earlier charged Richard Heart with misappropriating millions of dollars from unregistered crypto asset securities offerings. The SEC alleged that Hex, promoted as a high-yield “blockchain certificate of deposit,” was involved in an unregistered offering, collecting over 2.3 million Ethereum through deceptive means.
The SEC further implicates Heart and PulseChain in fraud, accusing them of diverting at least $12 million of offering proceeds to acquire luxury goods, including sports cars, watches, and a colossal 555-carat black diamond known as ‘The Enigma’—reportedly the largest black diamond globally.
According to the SEC’s complaint, Heart initiated the marketing of Hex in 2018, presenting it as an investment opportunity designed to make investors “rich.” The alleged misconduct continued from December 2019 to November 2020, involving unregistered token offerings and dubious “recycling” transactions that granted Heart control over a substantial amount of Hex tokens.
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As PulseChain touts its technological capabilities, the SEC’s charges cast a shadow over the integrity of its founder and the projects associated with Richard Heart, leaving the cryptocurrency community to grapple with a stark dichotomy between the proclaimed technical superiority and the regulatory challenges surrounding PulseChain and Hex.
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