Richard Heart

Richard Heart (Richard James Schueler) is an American cryptocurrency developer and businessman. Going by an alias, Heart is the creator of the crypto token HEX on Ethereum and later PulseChain, a hard-forked layer-1 blockchain software based on Ethereum. [1] Heart currently believed to reside in Helsinki, Finland. [2]

Early Life and education

Richard Heart was born on October 9, 1979, in Pittsburgh, Pennsylvania.[3] In middle school, Heart was enrolled in an advanced MEGSSS (Mathematical Education for the Gifted Secondary School Student), developed by an MIT alumnus.[4] During this program, he developed several skills, including Scheme programming.

Career

Heart's career began with the Florida home-based car audio system business, Audio Ecstasy, Inc,[5] and a mortgage company that utilized search engine optimization for growth.[6] Heart also founded a marketing firm that pioneered early internet spam marketing techniques.[5][7] He later expanded his business operations to Panama, generating substantial annual gains, but eventually returned to the U.S. after facing legal issues related to his business dealings in Panama.[8]

Heart used social media platforms like YouTube and Twitter to share opinions and analyses on cryptocurrencies and blockchain technology. His engaging communication style attracted a considerable following, making him a notable figure within the cryptocurrency community.

In December 2019, Heart launched HEX, an Ethereum-based cryptocurrency marketed as the first blockchain certificate of deposit (CD). HEX aimed to reward users for holding and staking their tokens, promising significant returns over time. However, HEX faced criticism from sceptics who questioned its legitimacy, marketing strategies, and potential risks.

He later created PulseChain and PulseX. PulseChain, launched as a layer-1 blockchain, raised significant funds through an initial coin offering (ICO) to improve upon Ethereum's value proposition. PulseX, a decentralized exchange similar to Uniswap, was also launched under the PulseChain ecosystem.

Controversies and criticisms

HEX has faced accusations [9] of being a potential Ponzi scheme or scam due to its high-interest promises and lack of clear utility beyond speculative gains.[10] Heart's admitted use of tactics that might be associated with scams and his alleged involvement in sending spam in the past have raised concerns.

On July 31, 2023,[11] the U.S. Securities and Exchange Commission charged Heart with defrauding investors out of $12.1 million[12] and illegally raising more than $1 billion in unregistered cryptocurrency offerings to finance personal luxury goods purchases, including a 555.55-carat black diamond,[11] The Enigma, for $4.3 million in cryptocurrency, renaming it the "HEX.com diamond"[13][14]

References
  1. "What is PulseChain? A Guide to the Ethereum Hard Fork". Medium.
  2. "SEC v. Richard J. Schueler" (PDF). SEC.Gov.
  3. Sharma, Ritika (August 2023). "Richard Schuele: Know the Founder of HEX and PulseChain". The Coin Republic. Archived from the original on 2 August 2023. Retrieved 2 August 2023.
  4. @RichardHeartWin (August 27, 2019). "Here was the curriculum at my gifted middle school (MEGSSS). (11-13 years old)" (Tweet) – via Twitter.
  5. Winner, Don. "Richard James Schueler - Friggin Spam King". Panama Guide. Archived from the original on 31 October 2017. Retrieved 2 August 2023.
  6. "Richard Heart and the Influence of Bitcoin on the Hex Blueprint". Digital Interface Group of Publishers.
  7. Mariano, Gwendolyn (March 26, 2002). "Peacefire.org beats spammers in court". ZDNET. Retrieved 2 August 2023.
  8. Rustin, Sats (31 May 2022). "Richard Heart The 'Spam King' – Full Story". Bitcoin News. Retrieved 2 August 2023.
  9. "HEX Still Can't Shake Scam Label as Token Approaches $1B Market Cap". Retrieved 29 September 2023.
  10. Ryan (9 September 2021). "Richard Heart's Hex Token is a Brilliant Quasi Ponzi Scam". WantFI. Retrieved 22 July 2023.
  11. "US SEC charges Youtuber Richard Heart with unregistered crypto offerings fraud". The Economic Times. 2023-07-31. ISSN 0013-0389. Retrieved 2023-08-11.
  12. Stempel, Jonathan (31 July 2023). "US SEC says Hex crypto founder defrauded investors, spent money on 'Enigma' diamond". reuters. Retrieved 2 August 2023.
  13. McKeever, Vicky (10 February 2022). "Billion-year-old black diamond bought with cryptocurrency for $4.3 million". CNBC. Retrieved 2 August 2023.
  14. "The Enigma: Billion-year-old black diamond sold for £3.16m". BBC News. 10 February 2022. Retrieved 2 August 2023.
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