Court Dismisses Case Against HEX Founder Richard Heart

A recent court decision has granted a motion to dismiss the case against Richard Heart, the founder of HEX. Heart was accused of running a pyramid scheme and facing fraud charges. The Securities and Exchange Commission (SEC) now has 20 days to refile the case.

After this development, there was a notable increase in the price of HEX.

The SEC alleged that Heart, also known as Schueler, raised over $1 billion by selling unregistered securities, which included the Hex token, the PulseChain blockchain network, and other digital assets associated with the PulseX decentralized finance platform.

According to the SEC’s original lawsuit, Heart and PulseChain reportedly used around $12.1 million of investor funds for personal luxury purchases such as diamonds, expensive watches, and high-end cars.

However, U.S. District Court Judge Carol Amon pointed out that the SEC did not provide specific facts to support their claims that the alleged conduct took place within the United States. Amon noted that despite the SEC’s assertions that Heart promoted the benefits of the PulseChain token on various platforms like its website and YouTube, there was no evidence to show that this promotion was specifically targeted at the U.S.

*Please note that this information is not intended as investment advice.