PulseChain project at Sotheby

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According to the regulator, part of the problem lies in the fact that Heart quickly diverted much of the money it raised for its crypto projects into its own pockets. "Heart claimed the investment was for the purpose of promoting free speech, but failed to disclose that he used millions of dollars of PulseChain investor funds to purchase luxury goods for himself," SEC lawyers said in the filing Monday.Moreover, it was said that it was not a one-time event.



Between August ,  and September  of last year alone, Heart was supposed to spend $. million Chinese American Phone Number List of investor funds to buy luxury cars and watches, according to the SEC. According to the list attached to the lawsuit, Heart's purchases included McLaren and Ferrari Roma cars or even the purchase of Rolexes for $. million.For a change, Heart was supposed to spend part of the funds of investors in the 's on a rare black diamond called "The Enigma", which according to the SEC is even the largest in the world. He used a combination of ether and fiat to buy the diamond from Sotheby's, the agency's lawyers said.








The purchase was made symbolically partly for ether and partly for dollars. Embezzlement of funds for luxury items, a practice fairly widespread during the ICO fever of -, but forms the more boring part of the SEC's civil action.Unauthorized purchase of luxury items was not to be Heart's only sin. Heart sold Hex tokens for . million ethers (worth around $ million at the time) through an ethereum wallet, using manipulated, artificially generated demand. According to the SEC, he used ethers directly from said wallet to create it.