U.S. SEC: Has not yet received confirmation of service for the lawsuit against Hex founders, conference call postponed until January next year

ChainCatcher news, in a letter submitted to the U.S. District Court for the Eastern District of New York, the SEC stated that it officially requested the Finnish Ministry of Justice on August 22, 2023, to serve legal documents to Richard Schuele (also known as Richard Heart), the founder of Pulsechain, PulseX, and Hex, and to serve through him to Hex, PulseChain, and PulseX. However, so far, the SEC has not received confirmation of the service of the complaint to Richard Schuele. SEC lawyers will report to the court on the status of their service efforts by December 15, and if service has not been completed by then, they will apply for alternative service.

Meanwhile, the conference call originally scheduled for November 28 has been postponed to January 30, 2024.

Previously, in July of this year, the U.S. SEC sued Hex and Pulsechain founder Richard Heart for allegedly selling unregistered securities. According to the SEC, Heart raised over $1 billion by selling project tokens. The SEC stated that Heart had previously made comments suggesting that Hex would rise, while the current price of Hex has dropped by 98.4% from its historical peak. Additionally, the SEC pointed out that Heart misappropriated over $12 million of client funds for personal purchases of luxury goods, rather than for developing the protocol.