HEXHEX
Not a Bitcoin fork — an Ethereum (ERC-20) token whose launch courted Bitcoin holders.
Richard Heart's ERC-20 token, offered from December 2019 with airdrops to large Bitcoin holders; the SEC sued in 2023 and the court dismissed the case in 2025.
The wiki's angle: HEX is on the list because of its Bitcoin-holder airdrops, not its chain. It is a reminder that free coins for BTC holders outlived the 2017 fork wave.[1]
Token and launch
The SEC's complaint describes Hex as an ERC-20 token and “an unincorporated entity established by Heart” and dates the Hex offering from December 3, 2019 “through at least November 19, 2020”[1]. According to the complaint, Heart conducted two airdrops in which Hex tokens were deposited into wallets “that he identified as significant holders of Bitcoin”, and a similar airdrop to large ETH holders[1].
SEC case
On 31 July 2023 the SEC charged Heart, Hex, PulseChain and PulseX with unregistered offerings that “raised more than $1 billion in crypto assets”, and charged Heart and PulseChain with fraud over at least $12 million of alleged misappropriation[2]. The litigation release says the SEC alleged Heart began marketing Hex in 2018 as the first high-yield “blockchain certificate of deposit”[3].
Dismissal
Judge Carol Bagley Amon's memorandum and order states: “For the reasons stated below, the motion to dismiss is GRANTED”[4]. Heart's counsel wrote that on 21 April 2025 “the SEC declined to file an amended complaint”, after a February ruling that dismissed all the SEC's claims[5]. The hex.com homepage still lists the HEX contract address[6].
Heard on Bitcoin Takeover
Vlad recalled on S16 E49 (October 2025): “I was one of the first people to debate Richard Heart in 2018, when he was about to call it BitcoinHEX.”[7]
References
- primarySEC complaint, SEC v. Schueler, No. 1:23-cv-05749 (E.D.N.Y., filed 31 Jul 2023) [archived]
- primarySEC press release 2023-143, “SEC Charges Hex Founder Richard Heart …”, 31 Jul 2023 [archived]
- primarySEC Litigation Release No. 25794, SEC v. Schueler a/k/a Richard Heart, Hex, PulseChain, and PulseX (31 Jul 2023) [archived]
- primaryMemorandum & Order (Amon, J.), SEC v. Schueler, 23-cv-5749, ECF No. 57 (CourtListener copy) [archived]
- secondaryClark Smith Villazor LLP (Heart's counsel), “SEC Declines to File Amended Complaint …”, 23 Apr 2025 [archived]
- primaryhex.com homepage (read 13 Nov 2026; lists the HEX contract address) [archived]
- episodeS16 E49: Vlad Costea on debating Richard Heart▶ listen at 3:35:29timestamp transcript-derived, pending a listen [archived]