Coast - Fiat On Ramp To PulseChain


Are you concerned about Richard Heart and the HEX OA?


Video Transcript

One of the criticisms of HEX or one of the factors that makes a lot of people nervous, and a question I’m asked all the time is, aren’t you scared that the hex origin address owns, you know, between 80 and 90% of the total supply of HEX

And a lot of people say, well, that’s probably Richard Heart. And his plan is to Rug Pull the product. So if you ignore the fact that on chain data and chain analysis shows that every action of the Origin Address (OA) has been benevolent to the HEX product, and you just, you know, I guess, look at the man and look at the motives and look probabilistically at what’s likely and what’s unlikely. 

So the story about Richard Hart is that he retired in his 20s, very wealthy, he got into bitcoin in 2011, bought a lot and mined a lot. So it was probably very wealthy from that. And all of that pre-dated his involvement and establishment of HEX as a financial product, as well as the development of pulse chain, and pulseX. 

So this on at face value is someone who wouldn’t need the money to, you know, rug pull his own project. But let’s go back and assume there’s some inaccuracies. So let’s assume he didn’t retire early. And he was never wealthy. And then let’s assume he never got into bitcoin early. And that’s just not true. 

Let’s make all those assumptions…

What we know for sure, is that during the launch of HEX, the Origin Address, or addresses connected to it received 3 million Ethereum. You know, we’re in a bear market, maybe on the way out of it, maybe not. But 3 million Ethereum has a price, or a worth at the moment of about $4 billion. So this is $4 billion of value that Richard Hart or the owner of the OA or the comptroller of the OA whoever that is, could spend guilt free with zero tarnish moment of their reputation. And that’s assuming that early Bitcoin adoption and retiring wealthy in the in his 20s is not true at all, which is probably a stretch. 

And then look at PulseChain and PulseX. If you look at the PulseX sacrifice address, where the stable coin holdings from those sacrifices, both Pulse and PulseX are now held, there is $279 million worth of DAI. So now we have an entity that before you even mentioned, HEX, Pulse and PulseX owns or has control of around $4 billion worth of Ethereum. 

And remember Richard Hart called the Ethereum, top near $5,000 as well as 279 million DAI, so 279 million US dollars. And yet, the current hex USDC liquidity is around $10 million mixed between Ethereum and USDC. So to sell all of the OA tokens, which on-chain data also shows has never occurred before in three years. Richard Hart if he is in fact the OA, if he is in fact in control, or whoever is in control, if the OA or the pulse x sacrifice address, if they were to sell all of the heck’s available to them, they would be able to extract around $10 million. 

But between the Pulse and PulseX sacrifice phases, and the HEX adoption amplifier, they probably have over 4 billion US dollars. So if you just go back to what’s probabilistic here, is it likely that a coin founder (a public coin founder) exit scams his entire community for $10 million when he potentially has access to over $4 billion? 

I think people just need to really think about what is likely think about the man the motives and just get into the data.

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