It’s hard to forget that back in July of this year, the SEC started its pursuit of Heart – but had difficulty serving him papers because Heart wasn’t in the US, and no one knew where he was. 📆
Fast forward to the very end of October 2023, and the SEC reported they finally did serve Heart, ending the whack-a-mole with Heart and his merry band of companies: Hex, Pulsechain, and Pulsex.
Heart, the poor man’s version of SBF, is alleged by the SEC to have sold Hex tokens from December 2019 to November 2020, raking in a cool $678 million worth of $ETH. The pitch was/is Hex as a high-yield blockchain certificate of deposit.
Heart was at it again between July 2021 and April 2022 with Pulsechain and Pulsex – forks of $BTC and $UNI. This time, he urged investors to throw their crypto into public wallets for tokens that would supposedly materialize in the future. The result? A staggering $354 million in Pulsechain and $676 million in Pulsex vanished into thin air.
Not amused by Heart’s financial theatrics, the SEC calls these offerings unregistered securities and says he used millions of investor funds for his many shopping sprees. We’re talking a 555-carat diamond, luxury watches, and cars.
We’ll keep you updated as this story develops. 💿