HEX (HEX), an ERC-20 crypto created by Richard Heart in 2019, has seen its price rebound after major losses this week.
However, this reversal could be due to a supportive statement from crypto influencer Ben Armstrong aka BitBoy Crypto.
In his latest YouTube video, Armstrong affirmed HEX is not a scam, despite founder Richard Heart being sued by the SEC for alleged fraud.
Armstrong praised HEX’s previous bull run to a $80 billion market cap and noted its “insane yields” from staking, with around 50% APY. He said while the high returns seem “too good to be true,” HEX stakers have generally profited. Armstrong added that Heart’s big personality contributes to HEX’s controversy, as people often claim it’s a Ponzi scheme.
The heart is accused of raising over $1 billion through unregistered securities and faces an SEC lawsuit for alleged fraud related to HEX and his other projects. After being served the summons in October 2023, the initial conference was postponed to January 30, 2024.
Following Armstrong’s positive remarks, the HEX price has rebounded 4.32% to $0.008476 in the last 24 hours with a $1.47 billion market cap, despite trading volume dropping 2.04% to $651,011
Also Read: TRON Surges Over 3% in 24 Hours, Market Cap Tops $10 Billion
