HEX / Richard Heart
Summary
HEX is an ERC-20 token launched in December 2019 by Richard Heart (legal name Richard Schueler), marketed as a blockchain-based certificate of deposit with high staking yields. The U.S. Securities and Exchange Commission filed suit in July 2023 alleging Heart raised over $1 billion through unregistered securities offerings across HEX, PulseChain, and PulseX, and misappropriated at least $12 million for personal luxury purchases; a federal judge dismissed the case in February 2025 on jurisdictional grounds, and the SEC declined to refile. Separate from the U.S. action, Finnish authorities are pursuing Heart on charges of aggravated tax fraud and assault, and Interpol issued a Red Notice for his arrest in December 2024.
Connected Entities
1 entities · 10 linked investigations- + 4 more
Timeline(14 events)
2002-01-01
Richard Schueler (Richard Heart) sued under Washington State anti-spam law by Peacefire.org's Bennett Haselton for sending unsolicited commercial email with forged return addresses.
Bitcoin News: Richard Heart The Spam King2019-12-02
HEX token launched on Ethereum mainnet. Distribution begins via Bitcoin UTXO snapshot at 10,000 HEX per BTC held.
CoinDesk: U.S. SEC Sues Richard Heart2021-07-01
PulseChain sacrifice phase begins, raising hundreds of millions in crypto assets.
SEC Press Release 2023-1432022-02-01
Richard Heart allegedly purchases 555-carat black diamond 'The Enigma' from Sotheby's for approximately $4.3 million (GBP 3.2 million), according to the SEC complaint.
CBS News: Hex crypto founder used investor funds to buy $4.3 million black diamond2022-03-01
PulseX sacrifice phase ends. Total funds raised across PulseChain and PulseX offerings alleged by SEC to be in the hundreds of millions.
SEC Press Release 2023-1432022-11-01
SEC begins investigation into HEX; subpoenas issued to influencers and promoters in Heart's network.
CoinGeek: Richard Heart's HEX token plummets amid Ponzi allegations2023-07-31
SEC files civil complaint against Richard Schueler (Richard Heart) and HEX, PulseChain, PulseX in EDNY, alleging unregistered securities offerings raising over $1 billion and misappropriation of at least $12 million.
SEC Press Release 2023-1432024-09-13
Finnish court issues remand order for Richard Schueler's arrest in connection with alleged aggravated tax fraud and assault charges.
The Block: Hex founder Richard Heart wanted by Interpol, Europol2024-12-18
Interpol issues Red Notice for Richard Schueler at request of Finnish authorities for alleged aggravated tax fraud (potential liability of several hundred million euros) and assault of a minor. Europol also lists him as a Most Wanted fugitive. Finnish police seize approximately $2.6 million in luxury watches from a residence in Espoo.
Yahoo News: Interpol Issues Red Notice for Hex Founder Richard Heart2025-02-28
U.S. District Judge Carol Bagley Amon dismisses the SEC's complaint against Richard Heart and HEX, PulseChain, PulseX in its entirety, citing lack of jurisdiction. Court finds SEC failed to show Heart's communications were purposefully directed at U.S. investors.
CoinDesk: Federal Judge Dismisses SEC Case Against Richard Heart, Citing Lack of Jurisdiction2025-04-21
SEC notifies EDNY that it does not intend to file an amended complaint, formally closing the U.S. civil case against Richard Heart and HEX.
CoinDesk: A Complete Victory for Richard Heart — SEC Walks AwayDecision Log
- hash: 9JoUAkLzC9JesgeQEP7oLnpJU6dSkgRbpVDnMbiskjrA
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/31/2026, 7:42:40 PM
last updated: 5/31/2026, 7:42:45 PM
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