Richard Heart, the founder of the controversial cryptocurrency project HEX, has preemptively removed all mentions of the project from his Twitter bio description. According to the online archive tool Wayback Machine, the changes appear to have been made on or before March 4.
A previous bio description included a location tag that mentions HEX-associated websites such as Hex.com, Pulsechain.com, and PulseX. Richard also bragged about his $27 million charity donation and ownership of luxury items like diamonds, a Ferrari, and Rolex watches.
An even earlier version describes the HEX project founder as a “Multi-billion $ founder” of the aforementioned projects and notably shows off how the price of HEX has increased by 10,000x since the project’s launch three years ago.
Richard Hearts’ latest Twitter bio reads: “Richard doesn’t read messages, emails, newspapers, magazines, or nearly any communication of any form. I don’t listen to the radio or nearly anything else.”
It is worth noting that the founder has not stopped tweeting about the project. However, speculations abound as to why his primary Twitter description no longer mentions HEX or its affiliated projects.
Regulatory Advice?
The crypto community speculates that the latest HEX news may be related to ongoing United States regulatory action against projects found in violation of securities law.
HEX primarily operates using a self-designed high-interest blockchain certificate of deposit (CD) model to pay users high-interest rates for staking HEX. The project claims to offer up to an average of 38% per year and has a self-reported market cap of $41 billion and over 500,000 holders.
HEX’s promise of profit returns and promotional structure may violate U.S. securities laws. The recent move to remove mentions of the project on Twitter may be a precautionary move against potential regulatory action. A recent Federal Court ruling also confirmed that even characters such as the “rocket emoji” which previously appeared on Richard Heart’s profile might be construed as investment advice.
HEX is trading at $0.069 at the time of writing, more than 87% off its all-time high of $0.55 in November 2021.
