🧵 1. Founder of crypto project Hex, Richard Heart, charged by SEC for $1B unregistered securities offering, including purchase of luxury goods. #crypto
🧵 1. Founder of crypto project Hex, Richard Heart, charged by SEC for $1B unregistered securities offering, including purchase of luxury goods. #crypto
🧵 4. SEC lawsuit filed against Heart claims Hex was designed as "highest appreciating asset." Quotes from Heart's YouTube streams included in complaint.
🧵 2. SEC accuses Heart and PulseChain of using offering proceeds for personal expenses. Heart marketed Hex as a high-yield investment opportunity.
🧵 3. Heart allegedly encouraged investors to "sacrifice" assets instead of investing and evaded securities laws. Fort Worth office director calls it fraud.
🧵 5. SEC's suit also involves unregistered offerings for PulseChain and PulseX, highlighting misappropriation of funds. Heart used money for luxury cars and watches.
🧵 Read more at: https://decrypt.co/150677/sec-charges-hex-founder-richard-heart-1b-unregistered-securities-offering