HEX / Richard Heart
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 14 → 26. Problems weighed by who is responsible: the subject's own conduct −58, concerns that are not fraud −15.2, problems around the subject, caused by others −2.3; legitimacy credit long-running +10; no established finding that it defrauded anyone, so it stays out of the red band. Version history →
Why this score
| Every page starts at | 65 |
| The subject's own conduct | -58 |
| Concerns that are not fraud | -15.2 |
| Problems around it, caused by others | -2.3 |
| Long-running | +10 |
| Sum | 0 |
- No established finding that it defrauded anyone, so it stays out of the red band (26 or above).
Score: 26/100 (kept between 0 and 100)
How scoring works →Summary
HEX is an ERC-20 token launched in December 2019 by Richard Heart (legal name Richard Schueler), marketed as a blockchain-based certificate of deposit with high staking yields. The U.S. Securities and Exchange Commission filed suit in July 2023 alleging Heart raised over $1 billion through unregistered securities offerings across HEX, PulseChain, and PulseX, and misappropriated at least $12 million for personal luxury purchases; a federal judge dismissed the case in February 2025 on jurisdictional grounds, and the SEC declined to refile. Separate from the U.S. action, Finnish authorities are pursuing Heart on charges of aggravated tax fraud and assault, and Interpol issued a Red Notice for his arrest in December 2024.
Connected Entities
4 entities · 60 linked investigations- Ethereum→mentioned with→Bitcoin(60%)
- HEX / Richard Heart→mentioned with→Ethereum(80%)
- HEX / Richard Heart→mentioned with→Bitcoin(70%)
- HEX / Richard Heart→mentioned with→Uniswap(60%)
- Uniswap→mentioned with→Ethereum(80%)
- Uniswap→mentioned with→Bitcoin(60%)
Timeline(14 events)
2002
Richard Schueler (Richard Heart) sued under Washington State anti-spam law by Peacefire.org's Bennett Haselton for sending unsolicited commercial email with forged return addresses.
Bitcoin News: Richard Heart The Spam King2 December 2019
HEX token launched on Ethereum mainnet. Distribution begins via Bitcoin UTXO snapshot at 10,000 HEX per BTC held.
CoinDesk: U.S. SEC Sues Richard HeartJuly 2021
PulseChain sacrifice phase begins, raising hundreds of millions in crypto assets.
SEC Press Release 2023-143February 2022
Richard Heart allegedly purchases 555-carat black diamond 'The Enigma' from Sotheby's for approximately $4.3 million (GBP 3.2 million), according to the SEC complaint.
CBS News: Hex crypto founder used investor funds to buy $4.3 million black diamondMarch 2022
PulseX sacrifice phase ends. Total funds raised across PulseChain and PulseX offerings alleged by SEC to be in the hundreds of millions.
SEC Press Release 2023-143November 2022
SEC begins investigation into HEX; subpoenas issued to influencers and promoters in Heart's network.
CoinGeek: Richard Heart's HEX token plummets amid Ponzi allegations31 July 2023
SEC files civil complaint against Richard Schueler (Richard Heart) and HEX, PulseChain, PulseX in EDNY, alleging unregistered securities offerings raising over $1 billion and misappropriation of at least $12 million.
SEC Press Release 2023-14313 September 2024
Finnish court issues remand order for Richard Schueler's arrest in connection with alleged aggravated tax fraud and assault charges.
The Block: Hex founder Richard Heart wanted by Interpol, Europol18 December 2024
Interpol issues Red Notice for Richard Schueler at request of Finnish authorities for alleged aggravated tax fraud (potential liability of several hundred million euros) and assault of a minor. Europol also lists him as a Most Wanted fugitive. Finnish police seize approximately $2.6 million in luxury watches from a residence in Espoo.
Yahoo News: Interpol Issues Red Notice for Hex Founder Richard Heart28 February 2025
U.S. District Judge Carol Bagley Amon dismisses the SEC's complaint against Richard Heart and HEX, PulseChain, PulseX in its entirety, citing lack of jurisdiction. Court finds SEC failed to show Heart's communications were purposefully directed at U.S. investors.
CoinDesk: Federal Judge Dismisses SEC Case Against Richard Heart, Citing Lack of Jurisdiction21 April 2025
SEC notifies EDNY that it does not intend to file an amended complaint, formally closing the U.S. civil case against Richard Heart and HEX.
CoinDesk: A Complete Victory for Richard Heart — SEC Walks AwayDecision Log
- slot 455360325 · hash EaTcyP4e3sQNdspek1LY439qQNvuXC7oPMQdGJ7AJdXj
- slot 423439981 · hash 9JoUAkLzC9JesgeQEP7oLnpJU6dSkgRbpVDnMbiskjrA
This investigation is cryptographically anchored to the Solana blockchain (2 decisions). 17 of 20 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/31/2026, 7:42:40 PM
last updated: 10/10/2026, 6:41:23 PM
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