HEX / Pulsechain (PLS)

Basics

• Richard Heart did a coin sale with HEX. Basically what Heart did was make an ERC-20 token and sell $5.7 million worth of it. Plenty call it a ponzi.
• Based in:
• Announced on:
• Mainnet release: Pulsechain went live on 13-5-2023 after many delays.

History

• First was an ERC20, then planned to fork BSC and then claimed to build a better ETH 2.0, but ended up forking ETH PoS.
• From this (1-2020) Reddit users analysis:

"For those unaware, basically HEX is a year long EOS style ICO with a small airdrop component. In particular, all the unclaimed BTC supply gets sold in what he calls an "Adoption Amplifier" that will run for a year. The way this is designed, at least 1/2 of the initial HEX supply will be sold in this fashion, but more likely closer to 90%+ since its highly unlikely a large amount of BTC holders claim.

Where does this ETH go? Well, according to RH, he's not allowed to tell you where it goes or else then it might be considered a security. He also says everyone must have no expectation that "whoever owns that address" does anything to help promote the project in anyway. He refers to his ICO as "transforming" Eth into HEX and people are "minting their own tokens." It's quite obvious that he believes that through these semantics he found a loophole in the law and as a result he seems to think hes immune to any consequences.

Of course, people who are throwing money into this don't seem to believe he truly is going to do nothing with that ETH. I think they mostly are betting on the fact that he will do some type of manipulation to increase the HEX price later on. And they seem to think RH is a genius by figuring out this loophole, since if the token was a Security then it would be harder to get listed on exchanges and stuff.

He hyped up the day 1 of the Adoption Amplifier so much, and when people would FUD he would say "Its obvious people are just FUDing so people get a cheaper price on the AA" (since the price each day depends on how much eth was sent that day). It raised over 20k eth this first day, and since then the price as defined by the AA participation has dropped 10x. RIP day 1 investors. I think its easy to assume this will just keep plummeting since the amount of HEX sold each day is a relatively constant (and large) amount.

One more funny thing: Theres a 20% early bonus plus 30% referral bonuses of hex, and ALL OF THESE bonuses get mirrored and sent to the dev address. So not only does RH get all the ETH from this year long ICO, he also will get about 40% of the total supply.

The "CD" aspect is pretty lame too. This is just a hugely inflationary coin. Yet he has all this stuff on the website about how btc went x1000 and "HOW CAN YOU GET RICH FROM HEX?" I guess some people dont understand how supply plays a role in pricing.

Overall, it's disheartening to see a project like this exist and have raised like 30k ETH so far. It's only a few shit-exchanges with minimal liquidity. A lot of people are going to get rekt, and I hope that regulators make an example out of RH to send a message that this type of shady crypto shit will not be tolerated anymore.

Edit: One thing I'll admit, is RH knows what hes doing when it comes to the value of controversy in marketing something like this. He's basically implied that he makes it look like a scam on purpose to get people talking, which is working. If it wasn't so scammy, it probably wouldn't have gotten as much media and hype as it has, and he is well aware of this. but like I said, I hope it comes back to haunt him some day."

Audits & Exploits

• Bug bounty program can be found [insert here].
• Scored a 63% on DeFi Safety (9-2020); "There are two audits visible, one technical, one financial. This would lead to a 100% score. However, as this audit was done on the AAVE audit, since the audits were done on a private repo, we cannot say for sure the differences between the audited code and the deployed code."

Governance

• Pulsechain is a PoS system of which Richard Heart has reportedly more than 90% of the tokens, effectively controlling the chain.

Pulsechain Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed [insert here].
• Consensus mechanism: PoS. Fork of Ethereum post-merge.
• Algorithm:
• Virtual Machine: EVM
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

Compliance

The SEC filed charges against Richard Heart, the founder of Hex, PulseChain, and PulseX. The SEC says Heart raised over $1 billion through unregistered crypto offerings and defrauded investors out of $12.1 million to fund a lavish lifestyle, including purchasing the world's largest black diamond.

Heart, a US citizen believed to be residing in Helsinki, Finland, is accused of promoting his offerings as a "pathway to grandiose wealth" on YouTube and other platforms. The SEC claims that Heart's disclaimers that his offerings were NOT securities were false, including his assertion that Hex was capable of 38% annual returns.

Roadmap

• Can be found [Insert link here].

Usage

• Reached ~$500M TVL according to DeFi Llama (24-5-2023)

Team, Funding, Partners, etc.

Team

• Full team can be found [here].
• Richard Heart