Richard Heart

Who they are

Richard Heart, legally Richard Schueler, is the founder of HEX, PulseChain and PulseX. HEX launched in 2019 as what he described as a blockchain certificate of deposit, paying yield to holders who locked their tokens for fixed terms. Critics called it a textbook ponzi structure; supporters called it the best-performing asset of its era. Both camps argued about it loudly enough that Heart became one of the most recognisable and most polarising individuals in the industry.

History

The SEC sued Heart in 2023 over HEX, PulseChain and PulseX, alleging unregistered securities offerings and fraud. On 28 February 2025, Judge Carol Bagley Amon dismissed the complaint on jurisdictional grounds, reasoning that Heart's online statements were globally accessible rather than targeted at US investors. On 21 April 2025 the SEC declined to refile. His attorney described it as the only SEC enforcement action dismissed in its entirety by a federal judge, which is a genuine legal milestone. Critically, the dismissal was jurisdictional and was not a finding that no fraud occurred. Separately and unrelated to the SEC, Interpol issued a Red Notice in December 2024 at the request of Finnish authorities, and Heart appears on Europol's list of Europe's most wanted fugitives over allegations of tax fraud involving hundreds of millions of euros plus an assault allegation. Those European charges remain outstanding. He is included here because he is genuinely one of the most consequential figures in crypto, and because the gap between beating a US regulator and being wanted by European police is exactly the sort of thing readers should know before following anyone's calls.

Notes

• Founded HEX in 2019, marketed as a blockchain certificate of deposit paying yield for locked stakes.
• Also founded PulseChain and PulseX.
• Sued by the SEC in 2023 for alleged unregistered securities offerings and fraud.
• The SEC case was dismissed on 28 February 2025 by Judge Carol Bagley Amon on jurisdictional grounds.
• The SEC declined to refile on 21 April 2025, making it a rare complete dismissal.
• The dismissal was jurisdictional and did not rule that fraud did not occur.
• Interpol issued a Red Notice in December 2024 at Finland's request over alleged tax fraud and an assault allegation.
• He remains listed among Europe's most wanted fugitives by Europol. Those charges are unproven.