The SEC is having trouble serving Hex founder Richard Heart with its lawsuit

Quick Take

  • Hex and PulseChain founder Richard Heart’s initial court appearance has been postponed from November 28 to January 30 as the SEC struggles to serve Heart, who lives in Finland, with the lawsuit. 

The SEC is having trouble serving Richard Schueler, the Hex and PulseChain founder best known as Richard Heart, with its lawsuit for allegedly selling unregistered securities.

According to a recent filing, while the SEC requested in August that the Ministry of Justice of Finland serve the lawsuit to Schueler, who resides in Helsinki, the SEC has yet to receive word that Schueler has been served. 

A teleconference initially scheduled for Nov. 28 has been postponed to Jan. 30, 2024 by Magistrate Judge Peggy Kuo, who is overseeing the case for the Eastern District of New York. The Eastern District claimed jurisdiction as "many of the crypto asset transactions described herein took place on Uniswap, a so-called decentralized crypto asset trading platform whose developers are headquartered in Brooklyn," according to the SEC's complaint. 


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The SEC's lawsuit accuses Schueler of raising over $1 billion in unregistered securities offerings since the end of 2019 and using the proceeds to spend lavishly on luxury cars, designer clothes, and a black diamond dubbed The Enigma. 

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About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].


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