After months of delays, a flurry of SEC subpoenas, and hundreds of millions of dollars stuck in limbo, Richard Heart’s highly anticipated project, ‘Pulse’, finally launched on May 13th. However, the arrival has been anything but triumphant, leaving users high and dry, and his flagship project, HEX, spiralling towards its 52-week lows.
HEX, previously shining at a 52-week high of $0.08 per token, had already lost one-third of its value before the launch of Pulse’s mainnet. The debacle unfolded when the post-launch party abruptly ended, as the HEX value halved within 24 hours and continues on its downward trajectory, currently languishing below $0.02.
Pulsechain, a fork of Ethereum, and PulseX, a fork of Uniswap, were touted as tools to cut fees. However, the reality is that users are caught in a maze of complex transactions, while the promised low fees remain largely unchanged.
The predicament has become even more dire for PulseX ‘sacrificers,’ who now find their funds effectively frozen due to the lack of gas required to transfer their tokens. Meanwhile, opportunistic over-the-counter dealers are capitalizing on the chaos by setting up exorbitant offers and often stealing funds under false pretenses.
Today, the value of HEX and PLSX continues to plummet relentlessly. The desperate bid of stranded PLSX users is one of the few sources of PLS demand — a bid primarily driven by the need to offload their tokens.
Industry expert Tone Vays suggests that Heart’s wealth may not come from these tokens at all. Instead, he points towards the potential sales of ETH and other assets raised during the projects’ launches, a claim Heart vaguely addressed, maintaining the mystery around the source of his fortune.
As Richard Heart’s grandiose plans unravel, questions around his practices and the stability of his projects remain. With HEX trading near its 52-week lows and no significant exchange listings for PLSX, the shaky foundations of Heart’s empire are becoming increasingly apparent.