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SEC Sues Crypto Influencer for Allegedly Misusing Investor Funds on Luxury Goods
Crypto influencer Richard Heart is facing a lawsuit from the Securities and Exchange Commission (SEC) over allegations of misusing investor funds. The SEC claims that Heart used “at least” $12 million in proceeds from his crypto products to purchase luxury goods, which include sports cars, luxury watches, and an extravagant 555-carat black diamond known as The Enigma, touted as the largest in the world. Heart, who operates a popular YouTube channel promoting his own crypto products like Hex and PulseChain, has come under scrutiny for raising over $1 billion through unregistered crypto securities.
The Rise of Crypto Influencers
In recent years, the rise of cryptocurrency has spawned a new breed of influencers who leverage their online presence to promote digital assets and investment opportunities. Among them is Richard Heart, a US-born crypto enthusiast who currently resides in Finland. Heart’s YouTube channel, established in 2017, has garnered a significant following as he promotes his crypto products, particularly the Hex token and PulseChain operating on the PulseX protocol.
The SEC’s Allegations
The SEC’s lawsuit accuses Richard Heart of orchestrating a grandiose scheme that capitalized on the…
