SEC Struggles to Serve Lawsuit Papers to Crypto Founder
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The SEC is having difficulty serving lawsuit papers to HEX founder Richard Heart, who allegedly resides in Finland and raised $1 billion through unregistered token sales.
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The SEC says it has not received confirmation that Heart has been officially served under an international treaty.
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If service is not completed soon, the SEC says it will seek court approval for alternative methods like serving via blockchain or NFT airdrop.
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The lawsuit alleges Heart marketed HEX tokens as high-yield "certificates of deposit" promising 38% annual returns to investors.
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The court filing does not specify what alternative method the SEC will use to serve Heart if traditional methods continue to fail.