Key Highlights
- Finnish authorities are pursuing crypto founder Richard Heart over allegations of aggravated tax evasion and assault, prompting an Interpol Red Notice.
- Heart is widely known in the digital asset space as the creator of the Hex token, the PulseChain network, and the PulseX decentralized exchange.
- A separate U.S. Securities and Exchange Commission (SEC) civil lawsuit alleging unregistered offerings and misappropriation was dismissed on jurisdictional grounds in February 2025.
Finnish Investigation and International Scrutiny Surrounding Richard Heart
Richard Heart, the prominent cryptocurrency figure behind projects such as Hex and PulseChain, remains at the center of international legal scrutiny following enforcement actions initiated in Europe. Interpol previously issued a Red Notice for Heart at the request of Finnish authorities, who are seeking him in connection with suspected aggravated tax evasion and an alleged assault. Details of the Finnish allegations initially became public in 2024.
While some regional Turkish media coverage characterized the matters as cryptocurrency fraud, documentation and reporting regarding Finland’s probe place the suspected tax evasion within a timeframe spanning June 2020 through April 2024. Furthermore, law enforcement records connect the separate assault allegation to an incident dating back to February 2021. Regional reports from Turkey have not verified whether formal extradition proceedings have commenced or if any independent charges have been filed by Turkish officials.
The Launch of Hex, PulseChain, and Heart’s Online Profile
Heart established his profile in the blockchain industry by launching several interconnected decentralized finance projects. In 2019, he introduced Hex, an Ethereum-based token designed to reward investors who commit to locking their holdings for predetermined durations. Heart actively marketed the digital asset as a blockchain-native counterpart to traditional bank certificates of deposit.
Building upon the Hex ecosystem, Heart oversaw the rollout of PulseChain in 2023. Designed as an independent layer-1 blockchain utilizing Ethereum’s underlying software architecture, PulseChain duplicated Ethereum’s system state and user token balances at the time of its release. Within this network, the native token PLS is utilized to settle transaction processing fees. Alongside the blockchain, Heart debuted PulseX, which functions as a decentralized exchange enabling peer-to-peer asset swaps and liquidity provision. Parallel to these tech ventures, Heart cultivated an active community of supporters through live streams and public appearances, frequently highlighting extravagant personal expenditures such as high-end sports cars and luxury timepieces.
Dismissal of U.S. SEC Regulatory Action
The high-profile spending patterns showcased across Heart’s digital channels subsequently formed a key component of enforcement litigation in the United States. In July 2023, the U.S. Securities and Exchange Commission initiated a civil action against Heart alongside his entities—Hex, PulseChain, and PulseX. The regulator asserted that Heart conducted unregistered crypto asset offerings that collectively raised over $1 billion. Furthermore, the SEC alleged that Heart and PulseChain diverted a minimum of $12 million in customer funds toward personal luxury acquisitions, prominently citing the purchase of a 555-carat black diamond dubbed the “Enigma.”
The federal case concluded without an adjudication on the core substance of the claims. In February 2025, a U.S. federal judge dismissed the SEC’s lawsuit after determining that the regulatory agency failed to establish personal jurisdiction over Heart. Following the ruling, Heart’s legal counsel indicated that the Commission opted against submitting an amended complaint by April 2025. As a result, the termination of the U.S. proceeding rested entirely on procedural and jurisdictional boundaries, leaving the merits unresolved and having no direct bearing on the separate criminal inquiries conducted by Finnish law enforcement.
Why This Matters
The ongoing legal actions involving Richard Heart highlight the complex interplay between international law enforcement, tax compliance, and cross-border regulatory oversight in the cryptocurrency sector. Because the dismissal of the U.S. SEC case hinged entirely on jurisdictional authority rather than clearing the underlying allegations, Heart’s projects remain under public observation. Meanwhile, the active Interpol Red Notice requested by Finland underscores that founders operating in decentralized ecosystems remain accountable to conventional sovereign jurisdictions regarding criminal and tax enforcement, regardless of where their digital networks operate.
Frequently Asked Questions
Why did Interpol issue a Red Notice for Richard Heart?
Interpol issued the Red Notice at the request of authorities in Finland, who are investigating Heart over allegations of aggravated tax evasion occurring between June 2020 and April 2024, as well as an assault allegation dating to February 2021.
What happened to the SEC lawsuit against Richard Heart and his projects?
In February 2025, a U.S. federal judge dismissed the SEC’s civil lawsuit—which alleged unregistered securities offerings and fund misappropriation—because the agency failed to demonstrate personal jurisdiction over Heart. The SEC chose not to file an amended complaint, ending the suit on procedural grounds without a determination on the factual merits.
What are the primary crypto projects associated with Richard Heart?
Heart is primarily known for creating Hex, a token designed as an alternative to certificates of deposit; PulseChain, a fork of the Ethereum blockchain; and PulseX, a decentralized exchange operating within the PulseChain network.
