Analysts spot wallets linked to Richard Heart's new project laundering funds through Tornado Cash

The ProveX project by Richart Heart plans to launch a new token and a perpetual futures DEX using on-chain proofs. Wallets linked to the project now seem to be laundering funds through Tornado Cash. 

ProveX is the latest project launched by long-running crypto influencer Richard Heart. The founder of HEX, PulseChain, and PulseX announced a new project, once again re-using the model of sacrificing ETH to mint new tokens. Heart launched the new project a few months after the end of his Securities and Exchange Commission lawsuits. 

The ProveX project reused the model that first emerged with HEX, where investors sacrificed ETH to mint the new token, similar to a long-running ICO. Later, Heart reused the model, with the most recent iteration of PulseChain in 2022. 

ProveX ETH deposits are on the move

The main promise of ProveX would be the potential to become one of the first recipients of a new ecosystem token. The project copied the approach of PulseX, setting up a public sacrifice address for ETH. 

The ETH in that address were not locked in any way and were movable. What happened next suggests the project’s founder may be reusing some of the ETH or taking out tokens from previous projects. Heart, by virtue of his long-running crypto career, has also accumulated significant ETH reserves. 

On-chain researchers first noticed an anomalously large withdrawal from Tornado Cash. Although the mixer hides the origin of funds, the transactions and the quantities of ETH may be linked to previous users as a high-probability guess. 

On January 6, Tornado Cash had a spike in withdrawals, with a series of 100 ETH transactions, which later consolidated to a single wallet.

Later, others noticed a total of 128,808 ETH entering the ProveX wallet. The analysts made a connection to a previous deposit made by Heart, where he sent 112,987 ETH into Tornado Cash in November 2025. 

The main reason behind the ETH recycling operations may be the eventual ProveX token allocation and bonuses. If Heart himself deposited ETH to the sacrifice address, he may also become a whale with the new token. 

ProveX still awaits its official launch

ProveX is a few days from ending its sacrifice period, with a 6.25% rate increase from January 8. ETH deposits work as a form of point farming, which will determine token allocations once the project launches. The sacrifice period attempts to generate maximum hype, with no set deadline for launching the actual project. 

PulseX aims to become another venue for decentralized trading, arriving in an already saturated market, where Hyperliquid is the leader.

The ProveX project prepares to launch at a time when crypto markets have started a tentative recovery. ProveX aims to gather true believers in Heart’s serial launches, with the potential for early allocations. 

The ProveX project could follow the same route as PulseX, where most token recipients lost 90% of their investments, in addition to ETH gains.

The new launch is often mentioned as a trigger to HEX and other tokens on PulseChain, while others are skeptical that the launch will just cause another loss for investors, leaving Heart with a bigger ETH reserve.

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