It recently came to the attention of digital currency enthusiasts that Richard Heart, the promoter behind HEX, Pulsechain, and PulseX, had gone on a tweet deleting spree and removed all references to his digital currency-related projects from his bio.
The projects, which Heart promised would revolutionize the industry, were crowdfunded by more than $1 billion in funds in an ICO. Despite raising the money more than two years ago, Heart has yet to deliver on his promises.
🚨 It is now about two years since HEX founder Richard Heart did ICO and crowdfunded more than $1 billion for PulseChain and PulseX.
None of the projects have released yet.
— whalechart 🐳 (@WhaleChart) March 5, 2023
What has Heart spooked? SEC Chairman Gary Gensler said that everything is a security besides Bitcoin, and the general ‘take no prisoners’ attitude of regulators worldwide since the implosion of Sam Bankman-Frieds’ FTX has likely played a role.
Whatever Heart’s intentions with the $1 billion he took from investors, it’s clear that he’s reading the tea leaves accurately and understands that what he’s been doing for the last few years could get him into a lot of trouble with the law. If only someone had warned him.
Who is Heart? Meet Richard Schueler, aka The Spam King
I wouldn’t be the first person to point out that Heart represents everything wrong with today’s digital currency industry. His grotesque displays of wealth are truly cringeworthy, and his lavish spending doesn’t concern the people who handed him their money several years back illustrates perfectly why scammers are attracted to the industry like bees to honey.
Yet, Heart has a murkier history that few know about. His real name is Richard Schueler, and in 2022 he was successfully sued by Peacefire.org for violating the anti-spam laws in Washington State.
Wasn’t everyone spamming back then? Many were, but that’s not all we know about Schueler.
According to several sources, between 2005 and 2007, Heart was investigated by authorities in Panama for theft and extortion. His name was linked to a criminal gang involved in blackmail, robbery, and corruption. Although no charges followed the investigation, it is amazing that so many would trust Schueler with so much money without researching his background.
“HEX founder Richard Heart is actually notorious criminal ‘Spam King’
Heart was successfully sued by https://t.co/LPW4MGphGG in 2002 for violating Washington state’s anti-spam laws. Yet Heart’s dark past as the ‘Spam King’ might be the least worrying fact to emerge.”
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— Cory Swan.com LET’S RUN #Bitcoin (@coryklippsten) March 30, 2022
The era of regulation is here, and people like Richard Heart will not fare well
In case it isn’t obvious already, the digital currency industry has changed forever. The days when people like Richard Heart could parade around launching billion-dollar ICOs on vague promises are over, and regulators are coming for everyone involved in such shenanigans.
In this new era, regulators will enforce the law, and the vast majority of tokens linked to blockchains will be deemed illegal securities. People like Heart, who ran ads on London cabs stating that HEX rose 11,500% in 129 days, with the clear intention of enticing others to buy it, will have to answer for their actions.
As things progress, the focus will shift away from token speculation to the technology and the utility it can deliver. In this era, Bitcoin SV will prove to be the true revolutionary technology capable of infinite scaling, micro and nano transactions, smart contracts, and so much more.
Time will tell what will happen to Richard Heart and his projects. As of now, things don’t look good for either. HEXicans should get out while they can.
Watch: Law & Order Regulatory Compliance for Blockchain & Digital Assets
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