Edit: HEX / PulseChain (Richard Heart)

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> **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._

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