US SEC Struggles to Serve Lawsuit to HEX Founder Richard Heart
The United States Securities and Exchange Commission (SEC) has revealed that it has been unable to serve HEX founder Richard Heart his lawsuit to appear in court. The SEC stated that it has not received confirmation of service of process on Heart in Finland. The commission accused Heart of securities fraud, alleging that he raised $1 billion through the sale of unregistered securities.
Continued Efforts to Serve Richard Heart
The SEC is continuing its efforts to officially serve the lawsuit to Richard Heart. However, there are allegations that Heart currently resides in Finland, making it difficult for the SEC to reach him for the legal serving process. If service has not been effected by a certain time, the Commission will explore alternative methods of service.
Exploring Alternatives to Serve Richard Heart
In marketing the assets as high-yield blockchain “certificates of deposit,” Richard Heart promised investors “incentives and bonuses.” Investors could receive a 38% annual return on Hex tokens staked for a long period. However, the court filing does not specify the alternative method of communication being considered by the SEC.
In recent times, various alternative service methods have been used, such as delivering legal notices through blockchain using non-fungible tokens (NFTs). In July 2022, a judge in the United Kingdom approved the delivery of legal notices through airdropping NFTs containing lawsuit documents into specific wallets.
Hot Take: US SEC Faces Challenges Serving Lawsuit to HEX Founder
The US Securities and Exchange Commission is encountering difficulties in serving its lawsuit to HEX founder Richard Heart, who is alleged to have engaged in securities fraud. Despite ongoing efforts, including exploring alternative methods of communication, the SEC has been unsuccessful in officially serving the lawsuit to Heart, who is believed to be residing in Finland. This case highlights the challenges faced by regulatory bodies when dealing with individuals located outside their jurisdiction in the crypto industry.
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