The SEC Serves Lawsuit to HEX Founder Richard Schueler
The United States Securities and Exchange Commission (SEC) has served its lawsuit to HEX founder Richard Schueler, also known as Richard Heart, at his residence in Helsinki, Finland. The SEC resorted to substitute service on October 31 after failed attempts to personally deliver the suit to Schueler. The agency alleged that Schueler made over $1 billion by selling unregistered securities such as Hex, PulseChain (PLS), and PulseX (PSLX). Additionally, the SEC accused him of defrauding investors by misappropriating at least $12 million for personal expenses like luxury items.
Heart Remains Active Online Despite SEC Lawsuit
Although Richard Heart has kept his whereabouts private, he continues to be active on social media platforms. Since the SEC’s last status report on November 21, Heart has made more than 40 posts on Twitter discussing various crypto-related events, including Binance’s settlement with the Department of Justice and updates on individuals like Sam Bankman-Fried and Do Kwon.
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HEX’s Decline in Value
According to CoinGecko data, HEX has experienced a significant decline in value. It is down 81.5% over the past year and has plummeted by 99% since reaching its all-time high of $0.5 on September 19, 2021.
Hot Take: Richard Heart Faces Legal Troubles Amidst Active Online Presence
Despite facing a lawsuit from the SEC and potential legal consequences, Richard Heart remains engaged in online discussions about the cryptocurrency industry. This raises questions about his priorities and commitment to addressing the allegations against him. As the legal proceedings unfold, it will be interesting to see how Heart’s online presence and public statements may impact the perception of his case and the crypto community’s response to it.
