In the latest news about regulators clamping down on digital currency scams and ripoffs, prominent influencers associated with Richard Heart’s HEX, PulseChain and PulseX have reportedly received subpoenas from the SEC.
The subpoenas informed the influencers that the SEC believes they may possess “documents and data that are relevant to an ongoing investigation being conducted by the staff of the United States Securities and Exchange Commission.”
HEX is a scam & now it is being subpoenaed by the SEC
I reserve using that word only for the most heinous projects
If @RichardHeartWin comments; know he has me blocked, so I cannot respond
— Justin Bons (@Justin_Bons) November 5, 2022
The subpoena was initially called out as fake by HEX supporters on social media, but after the initial denial wore off, most switched from denial into panic as instructions flew on HEX-related Telegram and Discord channels about how to destroy documents.
HEX has always been a scam, and we said it years ago
— Eric Wall X 🏴 (@ercwl) November 5, 2022
Who’d have thought something like this wouldn’t be legit?
From the outset, there have been suspicious transactions associated with HEX, and Richard Heart has never been shy about his flamboyant, materialistic lifestyle due to the money he has made on his scheme. His official Twitter bio claims he “owns the world’s largest diamond, quickest Ferrari, and most expensive Rolexes.”
HEX targeted investors in the U.K. and elsewhere, even going as far as taking ads in Premier League stadiums and on London taxis touting an 11,500% price rise in four months.
It’s another example of the unscrupulous characters who operate in the digital currency space, pointing their fingers at legitimate blockchains while promoting unsustainable schemes to naive investors who hope to make a quick buck.
— Richard Heart (@RichardHeartWin) August 20, 2022
Isn’t it funny how the loudest enemies of the original Bitcoin protocol always end up on the wrong side of the law eventually?
The crackdown is only getting started
Last year, SEC Chairman Gary Gensler warned that the ‘Wild West era’ of the digital currency industry was over and that crackdowns on securities violations would soon begin.
This is something Dr. Craig Wright has been warning about for years. While he has been mocked, ridiculed, and silenced by many in the digital currency media, as time passes by, it becomes apparent that he was right.
While it remains to be seen whether Richard Heart and his various schemes will survive the SEC probe, it’s clear that many popular projects in the industry will disappear, and their founders will end up in jail or on the run.
While some lament this crackdown, yearning for the days of easy gains at the expense of uninitiated speculators, those focused on utility and the long-term use cases of blockchain technology should welcome it. When people like Richard Heart disappear, and voices like Dr. Wright’s can finally be heard, things will improve, and the technology can finally reach its potential.
What other social media loudmouths have attracted attention from the SEC and other regulators worldwide? Time will tell, but for now, it’s Richard Heart who is firmly in the spotlight.
Watch: The BSV Global Blockchain Convention panel, Law & Order: Regulatory Compliance for Blockchain & Digital Assets
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.