I just saw something pretty juicy online. It turns out Richard Heart, the guy behind HEX and PulseChain, allegedly raised over $410 million for his new project ProveX through an event called Sacrifice. It sounds good in theory, but here’s where things get interesting.

Emmet Gallic, an analyst at Arkham, started digging into the numbers and found something suspicious. According to his analysis, about $400 million of those funds Heart raised, equivalent to roughly 120,000 ETH, would have come from the same Richard Heart. And here’s the questionable part: the guy reportedly used Tornado Cash to launder those funds.

The chain that Gallic describes is quite detailed. That ETH was originally linked to PulseChain addresses, went through Tornado Cash to “clean” its trail, and was then distributed across more than 950 different addresses before entering ProveX’s Sacrifice. In other words, a pretty elaborate journey.

The ironic part is that, due to the ETH price drop since then, that portion of funds Heart supposedly laundered has suffered an unrealized loss of about $280 million. So while Heart and his followers celebrated the fundraising, the market was delivering its own justice.

This case is a good reminder of why transparency and fund traceability in crypto are so important. Even if Richard Heart has loyal followers, these allegations are quite serious and deserve attention.