Richard Heart has pitched himself as a clownish goofball. But allegations of his manifold deceptions are anything but funny, davidzmorris writes. Opinion for The Node
On Monday, July 31, the U.S. Securities and Exchange Commission filed a series of civil charges against Richard Heart, born Richard Scheuler, the founder and relentless promoter of the related Hex, PulseChain and PulseX projects. The associated tokens, which have already beenThe charges come after nearly five years ofthat these projects were scams – and the SEC agrees, including fraud amongst the allegations against Scheuler.
The SEC alleges that Heart and associates moved funds from the Flush Address to a centralized exchange through a series of obscuring transactions. Heart then allegedly sent that money back to the Hex “Contract Address,” disguised as money from new investors. As the SEC observes, this fund recycling helped Heart lie about the success of the sale, attracting more victims. It also left him in control of an overwhelming majority of HEX tokens.
This is another way that Heart seemingly targeted the naïve. In a real proof-of-stake blockchain, staking an amount of tokens is required to become a block validator, or to delegate to a validator. A validator has responsibilities that can include building and confirming blocks. In many cases, this involves real technical skill and substantial work. But Hex’s “staking” program, the SEC makes clear, was not that.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hex Founder Richard Heart Charged by SEC for Raising $1B Through Unregistered Securities | CoinMarketCapCryptoNews: SEC has filed a lawsuit against Richard Schueler, also known as Richard Heart, and his ventures Hex, PulseChain, and PulseX for allegedly raising more than $1 billion through three unregistered securities offerings since 2019.
Read more »
Bitcoin Teeters Around $29.2K as Crypto Markets Slide Amid Curve Exploit, SEC Clampdown on HexBTC hovered comfortably over $29,300 for much of the weekend but dropped in the hours after Curve Finance tweeted that it had suffered a breach.
Read more »
Crypto Custodian Hex Trust Expands European Foray With Registration in FranceThe registration, which follows last year's approval in Italy, is 'a significant milestone' for its European expansion plans, Hex Trust said.
Read more »
Who Put These Stocks in the Index?It is important for index funds to be set up in such a way that nobody makes investment decisions. via opinion
Read more »
Uniswap delists HEX after SEC alleges it's an unregistered securityUniswap has removed the HEX token from its interface after the SEC alleged in a lawsuit that HEX is an unregistered security.
Read more »
Jefferies CEO Richard Handler on bad-mouthing by rivalsJefferies CEO Richard Handler says people should embrace the haters in his advice to wannabe leaders. 'This means you are doing something really right.'
Read more »