Crypto news: Richard Heart, the founder of HEX and suspected fraudster, is on the run from the US SEC, adding fuel to the global financial mystery.
Let’s see all the details about what’s going on and the latest rumors about his alleged escape from Finland to Russia.
Summary
Crypto news: under SEC investigation, HEX founder disappears into mystery
As anticipated, in the midst of a financial scandal, Richard Heart, the mastermind behind the crypto world of HEX, finds himself in the spotlight of the U.S. SEC.
Based on the latest rumors, it appears that allegations of fraud and market manipulation have prompted the controversial entrepreneur’s international flight.
Specifically, some rumors indicate that Heart has reportedly left Finland, where he lives, to seek refuge in Russia, fueling speculation about his real whereabouts and intentions.
Investors and cryptocurrency enthusiasts are anxious as the SEC intensifies its efforts to track down the man at the center of the financial chaos.
The shadow of fraud stretches over HEX, the cryptocurrency promoted by Heart as revolutionary.
Investors are now apprehensive, wondering whether the project will have a future or be doomed by one of the biggest financial scandals in the cryptocurrency world.
The Heart case highlights the need for greater regulation and transparency in the cryptocurrency industry as international authorities work together to address the challenges of an increasingly complex digital financial world.
As the case evolves, the fate of HEX and the fate of Richard Heart remain uncertain, casting a shadow of uncertainty over an industry already known for its volatility.
Some controversies over HEX
In the past few months, several members of the crypto community have stigmatized HEX, originally conceived as a Certificate of Deposit on the blockchain, as a failure.
Specifically, DonAlt, a self-proclaimed Vaxxed Matrix Agent, accuses HEX of being a token created to enrich its founder, Richard Heart.
DonAlt claims that HEX is a completely price-independent project, with volatility that can reach substantial percentages.
The crypto analyst suspects that the main goal is to enrich founder Heart, despite the defenses of some supporters who claim profits for early investors.
According to DonAlt, HEX adopted a “pump and dump” strategy from the beginning, accusing those who profited from it of contributing to a failed project. For DonAlt, HEX’s promoters are also responsible for the controversial situation.
Recall that Richard Heart launched HEX as a certificate of deposit on the blockchain in December 2019, but the controversy around the project calls into question its vision of being the blockchain counterpart to traditional financial products.
While some defend HEX’s initial success, others see it as a scam, casting shadows over the project’s future and raising doubts about trust in the cryptocurrency world.
The charges brought against Richard Heart by the SEC: $1 billion fraud
As we know, recently, the U.S. Securities and Exchange Commission filed charges against online entrepreneur Richard Heart, also known as Richard Schueler.
Heart is accused of illegally raising more than $1 billion in three unregistered cryptocurrency offerings. The SEC says he defrauded investors of $12.1 million in luxury purchases, including the world’s largest black diamond.
The complaint alleges that Heart, through the promotion of Hex, PulseX and PulseChain, lured investors with the prospect of “great wealth” by making false claims about the returns and characteristics of the assets.
The SEC says Heart spent investors’ funds on luxury sports cars, Rolex watches and a 555-carat black diamond.
Richard Heart, 43, a U.S. citizen, is currently residing in Helsinki, Finland, according to the SEC.
At the time of the charges, Hex’s price had plummeted 98% from its peak, and PulseChain and PulseX’s offerings were declared “virtually worthless.” SEC seeks civil fines and recovery of ill-gotten gains.
SEC Chairman Gary Gensler stressed the need to regulate the cryptocurrency industry to protect investors.
Heart, on its website, had argued that Hex is not a scam and aspires to replace traditional credit cards and stores of value. The lawsuit highlights the regulatory challenges in the cryptocurrency industry and the need to protect investors from fraudulent practices.
