Decentralized cryptocurrency exchange Uniswap has removed the altcoin HEX from its interface. The decision to remove it came after the U.S. Securities and Exchange Commission (SEC) claimed that HEX is an unregistered security and mentioned Uniswap in the lawsuit.
HEX Token Removed from Uniswap’s Interface
Uniswap, the world’s largest decentralized cryptocurrency exchange, removed the HEX token from its interface this week. The HEX token is currently listed under the “unsupported” altcoins on Uniswap’s interface, along with a general note stating that the altcoin is blocked due to trademark infringement, proven fraud, or other legal issues.
Although Uniswap has removed the altcoin from its interface, this removal only applies to the front-end level and does not mean that HEX cannot be bought or sold through the decentralized cryptocurrency exchange.
Wallets on alternative hosted websites, like Uniswap, can continue to trade the removed altcoins or directly communicate with the protocol’s smart contract to do so.
SEC Points to Uniswap in Lawsuit
The SEC filed a lawsuit against Richard Schueler, also known as Richard Heart, and his projects Hex (HEX), PulseChain (PLS), and PulseX (PLSX) at the beginning of the week. The SEC classified HEX as an unregistered security and accused it of raising over $1 billion in three separate unregistered security sales since 2019. In the lawsuit, the SEC also alleges that Heart defrauded investors by using the funds for personal expenses. While PLS and PLSX tokens can still be traded, they are not available on Uniswap.
The lawsuit was filed in the Eastern District of New York, and the SEC mentioned Uniswap, which is located in Brooklyn, when explaining why this court was chosen. The SEC stated, “Many of the transactions involving the altcoin described herein occurred on what is claimed to be a decentralized cryptocurrency exchange, Uniswap, whose developers are based in Brooklyn. Heart specifically designed PulseX as a fork of Uniswap. Additionally, at least one investor in PulseChain and PulseX resides in this district.”
