Hex Price Dumps as US SEC Accuses Creator of Defrauding Investors | BitPinas

he U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Richard Schueler, better known as Richard Heart, accusing him of securities fraud.

Heart, a prominent figure in the crypto world, is alleged to have raised over $1 billion through the unregistered offer and sale of crypto asset securities, including Hex, PulseChain, and PulseX.

The SEC’s lawsuit claims that Heart defrauded investors by misappropriating at least $12.1 million of PulseChain investor funds for personal luxury purchases, such as a 555-carat diamond, luxury cars, and watches.

Heart is also accused of not disclosing the transfer of $217 million in investor assets to a private wallet, which he then used to conceal his misappropriation of PulseChain investor assets for personal use.

The lawsuit has had a significant impact on the price of HEX, a popular cryptocurrency, which took a dive following the news.

This is a developing story.

Sources: Coindesk, Blockworks, U Today

This article is published on BitPinas: US SEC Charges Hex and PulseChain Creator Richard Heart of Securities Fraud

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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