Crypto scammers on Twitter are uniting in defense of Richard Heart. Richard James Schueler, known as Richard Heart is defending himself by saying he has helped people in crypto by warning them about BlockFi, Celsius, and FTX. He says he is a force of good in crypto and is trying to make the world a better a better place citing his charitable activities, allegedly according to him, donating up to $27.5 million. This is a similar refrain we have heard from the self-declared ยeffective altruistย and history’s biggest fraud, Sam Bankman-Fried, but for a moment let’s give Richard Heart the benefit of the doubt.
Richard Heart is defending himself by distinguishing himself from the massive failures of three crypto exchanges, two of which were outright frauds. All of them destroyed the savings and capital of tens of thousands of investors and each and every one of them have much more than $1 billion in outstanding liabilities to their creditors. Richard Heart may try to defend himself by implying that the big bad bad guys were worse than him and he is just a small fish in a pond full of sharks.ย
Richard Heart’s defense is a bit flimsy because he is indeed, not a small fish as he is trying to depict himself. In fact, when considering the Sec’s allegation that Richard Heart extracted up to $1 billion from Hex and Pulse investors mostly from his original and widely-marketed token Hex, Richard Heart may indeed be one of the biggest successful scammers in crypto. His Hex token was one of the first to be ever listed on Uniswap paving the way for many other thousands of frauds like him promoting their, Ponzis, shitcoins, and pump and dumps.ย
There are currently 330,000 unique Hex holders according to the Etherscan. In an interview in August 2021, as he praised the benefits of centralisation vs decentralisation, Richard Heart claimed there were up to 300,000 holders of Hex, and up to 41,000 people who had staked their coins. Hex hit an all-time high in September 2021 and is down 99% from its high. There are currently two liquidity pools of staked Hex tokens amounting to $333 million and $443 million respectively. On-chain data show that related accounts of the owners and deployers of the Hex contract cashing out on millions of Dollars worth of Eth. Richard Heart may very well be one of the biggest scammers in the world of crypto having scammed tens of thousands of people of their ETH with his shitcoin and Ponzi scheme, Hex.
So, how could one single person possibly scam so many people? Richard Heart is not new to massive marketing schemes, and indeed he is historically one of the most successful spammers in history. Hex’s success is attributed to a big marketing campaign online and physically in major cities in Europe and the US with billboards and adverts in public transport infrastructure and even mail. Richard knew how to pull this off because prior to becoming Richard Heart, Richard James Schueler was the king of spam. Do you remember the countless Viagra pills spam emails you received? You most probably have received an email from Richard Heart who once bragged that he was one of the biggest viagra spammers in the world. To be more precise, Richard Heart bragged that ยWe are directly responsible for up to 70% of the online Viagra and Pharmacy EMail SPAM generated sales on the net todayย. Richard was sued successfully for his spam activities by Peacefire.org, an independent organisation in the US that advocates for free speech on the internet.
Richard Heart reminds me of a self-defeating quote of Jordan Peterson: ยI am the smart person for the dumb people.ย Heart has built a cult of followers around him whom he has been promising that Hex could make them rich by even potentially going to one million dollars per coin, and he repeatedly assures you that he is the best person in crypto. In reality, he built a Ponzi-scheme where he got rich off his followers, and with the exception of some lucky gamblers and efficient traders, he made many thousands more poorer and worse off.ย ย ย
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