HEX / PulseChain (Richard Heart)
Crypto projects (HEX, PulseChain, PulseX) created by Richard Heart (Richard Schueler). In July 2023 the U.S. SEC sued him for offering unregistered securities that raised $1B+ and for allegedly misappropriating ~$12M for luxury goods (including a 555-carat diamond). A court dismissed the case in 2024 for lack of U.S. jurisdiction; there was no finding of wrongdoing and Heart denies the allegations.
Also known as: HEX, PulseChain, PulseX, Richard Heart, Richard Schueler
Note: The SEC's claims are allegations. In February 2024 a federal judge dismissed the SEC's complaint for lack of personal jurisdiction (the SEC declined to refile), so there has been no judicial finding that Heart or the projects violated the law. Heart denies wrongdoing.
Summary
HEX is an Ethereum token launched in December 2019 by Richard Heart (legal name Richard James Schueler), marketed as a high-yield "certificate of deposit" on the blockchain; he later launched the PulseChain network and PulseX exchange via large token "sacrifice"/airdrop events. Heart promoted HEX with claims such as it being "built to be the highest appreciating asset that has ever existed." [1][2]
SEC case and dismissal
On July 31, 2023, the SEC charged Heart, HEX, PulseChain and PulseX with conducting unregistered securities offerings that raised more than $1 billion, and charged Heart and PulseChain with fraud for allegedly misappropriating at least $12 million of offering proceeds for luxury goods — sports cars, watches, and a 555-carat black diamond known as "The Enigma." In February 2024 a U.S. federal judge dismissed the case for lack of personal jurisdiction over the foreign defendant, and the SEC later indicated it would not file an amended complaint. The dismissal was on jurisdictional grounds, not a ruling on the merits. [1][2][3]
Bracketed numbers refer to the numbered sources listed below.
Sources (3)
See also
- World Liberty Financial (WLFI) — Justin Sun token freezeProjectsWLFI, a DeFi project linked to Donald Trump and his family, blacklisted/froze the wallet of major investor Justin Sun in Sept 2025 — ~540–595M unlocked WLFI tokens (~$107M) plus ~2.4B locked. Sun sued, alleging an undisclosed admin 'blacklist backdoor'; WLFI denied it and threatened a countersuit. The dispute is ongoing.
- $MELANIA tokenMarket manipulationA Solana memecoin announced by Melania Trump on Jan 19, 2025. Per FT analysis, ~24 wallets bought in minutes before the public announcement and netted ~$99.6M as retail piled in; the token then fell 95%+. Early buys were traced to wallets linked to $LIBRA figure Hayden Davis. No charges have been filed.
- $TRUMP token
This page was last updated on Jun 15, 2026. View revision history.