Richard

Yuan

PulseX

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 <p>The U.S. Securities and Exchange Commission (SEC) has sued Hex and its founder Richard Schueler aka <a rel="noopener noreferrer nofollow" title="Richard Heart" href="https://thebittimes.com/tag/richard-heart.html">Richard Heart</a>. The SEC charged the Hex founder with misappropriating millions of dollars of investors’ funds from unregistered cryptocurrency assets. According to the filing, the SEC claims that Hex is a security and unlawfully raised more than $1 billion through offerings.</p> 
 <p><strong>Also Read: 74 Countries Ready To Attend BRICS Summit In August</strong></p> 
 <p>Heart is also the founder of PulseChain (PLS) and <a rel="noopener noreferrer nofollow" title="PulseX" href="https://thebittimes.com/tag/pulsex.html">PulseX</a> which was launched on May 15, 2023. The founder had asked investors to sacrifice their cryptocurrencies in exchange for PLS and <a rel="noopener noreferrer nofollow" title="PLSX" href="https://thebittimes.com/tag/plsx.html">PLSX</a> tokens.</p> 
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    Source: sec.gov/news/ 
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 <p>The lawsuit alleges that Heart attempted to evade securities laws by calling on investors to <strong>“sacrifice” (instead of “invest”)</strong> their cryptocurrency assets to receive PLS and <a rel="noopener noreferrer nofollow" title="PLSX" href="https://thebittimes.com/tag/plsx.html">PLSX</a> tokens.</p> 
 <p>The SEC lawsuit alleges that Heart defrauded investors by spending their <strong>“sacrificed”</strong> cryptocurrencies on exorbitant luxury goods. The complaint stressed that a legal framework must be held against Heart making him accountable for his actions.</p> 
 <p><strong>Also Read: China &amp; Pakistan Vs India at BRICS: Rivalry ‘PRICS’ the Alliance</strong></p> 
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 <p><strong>“Heart called on investors to buy crypto asset securities in offerings that he failed to register. He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods,”</strong> said Eric Werner, Director of the Fort Worth Regional Office. <strong>“This action seeks to protect the investing public and hold Heart accountable for his actions.”</strong></p> 
 <h2 class="wp-block-heading" id="h-hex-pulsechain-crashes-after-sec-files-charges-against-richard-heart">HEX, PulseChain Crashes After SEC Files Charges Against Richard Heart</h2> 
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  <img decoding="async" loading="lazy" width="1024" height="802" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="pulsechain hex" class="wp-image-24871 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 550w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 800w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp.webp 1040w" data-srcset-img="https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 550w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 800w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 1040w" data-eio="j"> 
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   <img decoding="async" loading="lazy" width="1024" height="802" src="https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp" alt="pulsechain hex" class="wp-image-24871" srcset="https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 1024w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 768w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 550w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 800w, https://cdn.thebittimes.com/images/2023/07/31/f11f3f8d7dd6a0b58ee2ce29785edcce.webp 1040w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Twitter 
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 <p>After the lawsuit became public, both Hex and PulseChain nosedived double digits in the indices. While Hex plummeted 26%, PulseChain crashed nearly 40% an hour after the charges were filed.</p> 
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  <img decoding="async" loading="lazy" width="565" height="447" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="" class="wp-image-104354 ewww_webp" sizes="(max-width: 565px) 100vw, 565px" data-src-img="https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp.webp 565w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp.webp 550w" data-srcset-img="https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 565w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 550w" data-eio="j"> 
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   <img decoding="async" loading="lazy" width="565" height="447" src="https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp" alt="" class="wp-image-104354" srcset="https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 565w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/5c4815c50b44c5a1034dea57c2733144.webp 550w" sizes="(max-width: 565px) 100vw, 565px"> 
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    Source: Coingecko 
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 <p>Hex is already down nearly 98.70% from its all-time high of $0.51, which it reached in September 2021. Its price is now hovering around the $0.00659788 mark and could slip further due to the lawsuit.</p> 
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 <p><strong>Also Read: BRICS: Bolivia Ditches U.S. Dollar, Pays Chinese Yuan for Global Trade</strong></p> 
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  <img decoding="async" loading="lazy" width="565" height="447" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="" class="wp-image-104355 ewww_webp" sizes="(max-width: 565px) 100vw, 565px" data-src-img="https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp.webp 565w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp.webp 550w" data-srcset-img="https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 565w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 550w" data-eio="j"> 
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   <img decoding="async" loading="lazy" width="565" height="447" src="https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp" alt="" class="wp-image-104355" srcset="https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 565w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 300w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 380w, https://cdn.thebittimes.com/images/2023/07/31/c27a135356df5a378880749aea12dd5a.webp 550w" sizes="(max-width: 565px) 100vw, 565px"> 
  </noscript> 
  <figcaption class="wp-element-caption">
    Source: Coingecko 
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 </figure> 
 <p>PLS is also down close to 79% from its all-time high of $0.00029951, which it reached in May this year. PulseChain is hovering around $0.00006265 and has more chances of heading south due to the lawsuit.</p> 
</div> 
<div class="cs-entry__tags"> 
 <ul> 
  <li>HEX</li> 
  <li>pls</li> 
  <li>PLSX</li> 
  <li>pulsechain</li> 
  <li>PulseX</li> 
  <li>Richard Heart</li> 
 </ul> 
</div>

SEC Charges Hex Founder Richard Heart For 'Misappropriating Millions'

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