PulseChain Founder Richard Heart Moves $125 Million in ETH and Sends It Through Tornado Cash

Richard Heart, the founder of Hex and PulseChain, has once again stirred conversation across the crypto community after transferring over 30,000 ETH, worth roughly $125 million, into a new wallet on October 27, according to on-chain data from Onchain Lens.

The move comes months after the U.S. Securities and Exchange Commission (SEC) reportedly dropped its case against Heart in April 2025, following a court notice that it would not amend its earlier complaint.

However, with limited public updates since then and some references to ongoing motions appearing as late as October, the exact legal status of the case remains somewhat unclear, leaving room for continued speculation about Heart’s next steps and the broader future of PulseChain.

A massive transfer with murky intentions

The transfer, which involved 30,066 ETH, coincides with Ethereum’s price climb to around $4,200, suggesting potential strategic timing.

However, what raised eyebrows was Heart’s decision to route nearly all of it, 29,804 ETH, or about $124 million, through Tornado Cash, a decentralized crypto mixer that was once sanctioned by the U.S. Treasury back in 2022.

Heart’s use of the mixer, may invite further scrutiny from regulators given that the SEC had already once accused him of raising more than $1 billion through unregistered securities offerings for Hex and PulseChain, and of misusing $12 million for luxury items, including the purchase of a 555-carat black diamond.

The new wallet activity, tracked by Arkham Intelligence, could potentially complicate his case if regulators view it as an attempt to conceal funds.

Crypto community reacts as legal clouds linger

Unsurprisingly, the transfer set off a wave of reactions on X. One user sarcastically reposted the update saying, “You can just do things (commit crime),” while others defended Heart, questioning the double standards in how founders’ asset movements are perceived.

“When Vitalik sells ETH, it’s not a crime... but when Richard uses his own legally obtained funds anonymously, it suddenly is?” wrote user @TheGreekGod11, echoing a sentiment shared among many in Heart’s community.

PulseChain, launched in 2021 as a faster, cheaper Ethereum alternative, remains active with over 180 projects on-chain. It is now speculated that the $125 million movement could be tied to upcoming development efforts, ecosystem upgrades, or liquidity adjustments.

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