#HEXmanipulation #CryptocurrencyLawsuit #AppealsCourtReversal
A recent decision by the United States appeals court has partially reversed the dismissal of a class-action lawsuit against Binance.US, reigniting accusations of price manipulation for the HEX cryptocurrency token. The lawsuit, initially filed in 2021 by plaintiff Ryan Cox, alleges that Binance.US and CoinMarketCap unlawfully manipulated the price of the HEX token.
The district court’s initial dismissal in February 2023 was overturned by the appeals court, which found justifiable claims made by the plaintiff against the defendants. Furthermore, the court ruled that it has personal jurisdiction over the US-based defendants due to their significant contacts with the United States.
This development allows the lawsuit to proceed, potentially leading to a trial. HEX, launched in December 2019 by Richard Heart, has seen its value plummet significantly, trading at $0.004, down 99% from its peak in September 2021. In addition to legal issues, the US Securities and Exchange Commission has filed a lawsuit against Heart, alleging violations of federal securities laws.
The situation surrounding HEX continues to evolve, with ongoing legal proceedings and regulatory scrutiny. Stay tuned for more updates on this developing story.
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