U.S. judge dismisses SEC's fraud lawsuit against Hex token founder

News on March 1, a federal judge dismissed a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) last Friday. The lawsuit accused an internet entrepreneur of raising over $1 billion through unregistered cryptocurrency products and defrauding investors of $12.1 million to purchase luxury goods, including the world's largest black diamond. In deciding to dismiss the SEC's 2023 lawsuit against Richard Heart, a US citizen residing in Finland, the Brooklyn district judge stated that there was insufficient connection between Heart's alleged actions and the United States. The SEC claimed that Heart promoted his Hex tokens, PulseX asset trading platform, and PulseChain asset network on YouTube and other websites as means to achieve "grand wealth".