Despite Richard Heart’s rise to prominence in the cryptocurrency world, his trajectory was always shaded by potential legal troubles. Growing up in an underprivileged area near Pittsburgh, Heart, whose real name is Richard Schueler, achieved what many would consider extraordinary success, including claims of billionaire status, a Netflix documentary about his life, and the launch of a cryptocurrency project that once boasted an $85 billion market capitalization. However, as of now, his token, HEX, has plummeted by 97%, and Interpol recently issued a Red Notice for his arrest. He currently finds himself on the European Union’s Most Wanted list, evading capture as an international fugitive.
### Heart’s Questionable Wealth Origins
While Heart often flaunted his wealth, including extravagant purchases like luxury watches, the origins of his fortune have remained ambiguous. He asserted that he had built a multi-million dollar online business before his foray into cryptocurrency. Yet, aside from acknowledging the use of mass email marketing techniques, he never provided a clear explanation for the rapid growth of his business. This vagueness came to light during a lawsuit that revealed dubious practices in his earlier career. A District Court judge ruled that Heart had engaged in illegal spamming as a method to generate leads and sales, resulting in a lawsuit loss due to his unsolicited email tactics in 2002.
### Heart’s Escalating Grift
Heart’s involvement in Initial Coin Offerings (ICOs) marked a significant escalation in his questionable activities. He introduced HEX, a smart contract on Ethereum, as well as Pulse (PLS), a new blockchain, and PulseX (PLSX), an exchange on Pulse. Allegations of illicit business practices have followed Heart throughout his career. Finnish authorities claim he has evaded taxes amounting to hundreds of millions of dollars. Additionally, the Securities and Exchange Commission (SEC) has accused him of selling unregistered securities and misappropriating $12 million of investor funds for personal luxuries, including Rolex watches and the Enigma diamond.
### A Cult of Personality
As HEX, Pulsechain, and PulseX gained traction, Heart exhibited little humility, instead embracing a grandiose persona. He referred to himself as a “leader” and “hero,” showcasing his wealth through sports cars and high-end watches. He often demanded admiration from his followers during lengthy YouTube livestreams, cultivating a cult-like following based on his purported high intelligence and expertise in blockchain technology. Critics like Eric Wall have even suggested that Heart studied how to create cults. He frequently boasted about the $27 million he claims to have raised for medical research, while accusing detractors of being more focused on undermining him than improving themselves.
### A Notorious Fugitive
According to the SEC and Finnish law enforcement, HEX, Pulsechain, and PulseX served primarily as avenues for Heart to gather investments and misappropriate funds through unregistered securities offerings. Warning signs, such as delays, repetitive code, and poor token emissions, hinted that Heart’s motivations for launching these projects were not entirely above board. While Heart staunchly denies any wrongdoing and contests the allegations from the SEC and Finnish authorities, the question remains: did he always plan to become an international fugitive? While that possibility exists, his overconfidence may have led him to believe he could evade any legal repercussions. Upon learning of his status as a Most Wanted individual in Europe, he defiantly tweeted, “It feels great to be wanted,” an ironic twist in a narrative that many observers had anticipated for years.
