Ben Armstrong Affirms HEX Is Not A Scam Amid SEC Suit, HEX Price Rebounds
HEX (HEX), a cryptocurrency launched in 2019, has recently seen its price rebound after facing significant losses. This turnaround may be attributed to a strong statement made by Ben Armstrong, also known as ‘BitBoy Crypto’. In his latest YouTube video, Armstrong declared that HEX is a legitimate project, which is a positive development for its supporters.
Brian Armstrong’s Take On HEX
Armstrong firmly stated that HEX is “not a scam” despite the lawsuit filed against HEX Founder Richard Heart by the U.S. Securities and Exchange Commission (SEC). Although he acknowledged the lawsuit, Armstrong praised HEX’s previous bull run.
Armstrong mentioned that during the bull run, HEX reached a market cap of $80 billion. However, he also noted that the value of HEX and other cryptocurrencies declined significantly afterward. Additionally, Armstrong highlighted that HEX staking offers high yields of nearly 50% APY.
In his video, Armstrong explained that HEX is similar to a traditional financial instrument called a Certificate of Deposit (CD). He acknowledged that the numbers may seem “too good to be true,” but stakers have generally profited from staking despite the price slump.
Furthermore, Armstrong acknowledged that there has been controversy surrounding the HEX staking model and attributed it partly to Heart’s strong personality.
SEC Lawsuit & HEX Price Rebound
Armstrong discussed how some people view HEX as a Ponzi scheme. He explained that this refers to a scam where new investors’ funds are used to pay existing investors, deceiving those who join later. Armstrong highlighted Heart’s clever responses to these allegations and noted that Heart considers not all Ponzi schemes to be fraudulent.
However, Armstrong suggested that the SEC Chairman may not view Heart’s statement favorably and could interpret it as a negative remark. Heart is currently facing an SEC lawsuit for alleged fraud in his crypto projects HEX, PulseChain, and PulseX. The lawsuit accuses him of raising over $1 billion through unregistered securities and engaging in a fraud worth at least $12 million.
After Armstrong’s positive remarks about HEX, its price experienced a significant rebound. At the time of writing, the HEX price had increased by 71.4% to $0.008552, with a market cap of $1.48 billion. However, the trading volume for HEX decreased by 4.33% to $697,685.
Hot Take: Ben Armstrong’s Support Boosts HEX Amidst Controversy
Ben Armstrong’s recent affirmation that HEX is not a scam has provided a boost to the cryptocurrency’s reputation and price. Despite the ongoing SEC lawsuit against HEX Founder Richard Heart, Armstrong’s endorsement has reassured supporters of the project’s legitimacy.
Armstrong acknowledged HEX’s past success during a bull run and highlighted the high yields offered by HEX staking. He compared HEX to a traditional financial instrument called a Certificate of Deposit (CD), emphasizing that stakers have generally profited from their investments.
While controversy surrounding the staking model persists, Armstrong noted that stakers have consistently received their tokens as agreed upon. However, he also recognized that Heart’s personality has contributed to the controversy.
The SEC lawsuit against Richard Heart alleges fraud in his crypto projects and accuses him of raising significant funds through unregistered securities. Despite these legal challenges, Armstrong’s support has led to a rebound in HEX’s price.
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