It is hard for me to talk about Richard Heart because the tech could be good.
But there are a few things that are difficult to ignore and I want your opinion.
Here is everything collected in one place for people who want the full picture.
Some say Richard is being discredited.
Some say he is a massive scammer.
Make your own judgement and tell me if something is missing or if you see it differently.
Richard Heart is Richard Schueler.
Before crypto he already had legal issues. He lost a lawsuit in the early 2000s over aggressive online marketing and mass email spam.
This is documented in public legal records.
In crypto he built an entire ecosystem around himself.
HEX was marketed from 2018 and launched on Ethereum on 2 December 2019 as an on chain “certificate of deposit” with time locking. $HEX marketing and even the SEC complaint quote statements like “HEX has already done a 10 000x in under 2 years” and “is designed to increase in value faster than anything else.”
Then came PulseChain in 2021, a fork of Ethereum marketed as cheaper and faster. The PLS token was obtained by joining a “sacrifice phase” where people sent funds to addresses and were promised points. Independent estimates say that more than 670 million to 700 million dollars were sacrificed.
Then he launched PulseX in December 2021 and early 2022. Again through a sacrifice. PulseX is now the main DEX on #PulseChain
On 31 July 2023 the SEC charged him.
The SEC said that HEX, PulseChain and PulseX conducted unregistered securities offerings that raised more than 1 billion dollars and that at least 12 million dollars of those funds were spent on luxury cars, watches and a 555 carat black diamond called The Enigma.
In December 2024 Interpol issued a Red Notice for him tied to allegations of tax fraud and assault.
Multiple reports confirm that he appeared on Europol wanted lists. No public explanation from him.
In February 2025 a US judge dismissed the SEC lawsuit on jurisdiction.
Reuters and DLNews report that the judge said the SEC did not show a strong enough US connection. The dismissal did not declare him innocent. It said the case was filed in the wrong place.
While all of this was happening the on chain activity became more concerning.
In November 2025 Protos and KuCoin reported that wallets tagged on Arkham as benefiting from HEX, PulseChain and PulseX launches mixed more than 500 million dollars in ETH through Tornado Cash.
The flows included 37 million dollars on 19 October, 102 million dollars on 26 October and another 366 million dollars shortly after.
DLNews went deeper.
They found that in the 48 hours before 7 November 2025 at least 21 PulseX linked addresses deposited more than 116 000 ETH into Tornado Cash worth about 393 million dollars. Other analysts identified about 154 000 ETH moved into fresh wallets plus another 10 900 ETH worth about 42 million dollars mixed directly.
This happened on a mixer that the US Treasury sanctioned in 2022 for laundering more than 7 billion dollars, including funds from North Korean hacking.
At the same time the performance of his ecosystem is catastrophic.
HEX peaked around 0.51 dollars and now trades near 0.001 dollars which is about 99.8 percent down.
PLS peaked around 0.000321 dollars and now trades near 0.000018 dollars which is more than 94 percent down.
PLSX peaked around 0.000139 dollars and now trades near 0.000012 dollars which is more than 91 percent down.
The pattern looks like this. Massive marketing about 10 000x gains. New sacrifices. New expectations. Meanwhile most holders sit on 90 to 99 percent losses.
Now he launches ProveX in late 2025.
A zero knowledge system for peer to peer deals, off chain computations, payment proofs and more.
The ProveX sacrifice rate increases by 6.25 percent per day. It does not accept his old core tokens like HEX, PLS or PLSX. Community trackers show about 9.4 million dollars already raised.
Independent analysts point out that similar technology already exists on Base through ZK P2P.
They argue that ProveX is not unique tech but the next sacrifice driven token in a long series.
So here is the uncomfortable summary.
A founder with a documented spam background.
A coin promoted as a 10 000x.
Three major projects launched through sacrifices that raised more than 1 billion dollars.
An SEC case alleging misuse of 12 million dollars on luxuries, dismissed only on jurisdiction.
An active Interpol Red Notice.
More than 500 million dollars in ETH from wallets tied to his ecosystem flowing into Tornado Cash.
A community down 90 to 99 percent.
And now a new sacrifice with rising rates and promises of lighter sell pressure.
These are facts from public records, SEC filings, Reuters, Decrypt, DLNews, KuCoin, Forklog, Bitget and on chain data. Not gossip.
So what do you think?
Is this a misunderstood builder with good tech and bad optics or is this the same pattern repeating while a small group extracts value from loyal supporters?
Idk.
I wish his projects would get what they deserve and that he were completely clean.
But a lot of things are still in the dark.
Thoughts?
- by $MASTR crypto project
(To the guy who edited the video to the 25sec, thank you. Reach out and I will tag you)