Hex Founder Richard Heart Detained in Istanbul, Turkish Media Reports

Hex founder Richard Heart arrested in Istanbul, Turkish media report

Turkish police and intelligence officers have detained Richard Heart, the founder of the HEX cryptocurrency and PulseChain, in Istanbul, according to Turkish media reports published Wednesday.

Heart, whose legal name is Richard James Schueler, was reportedly taken into custody alongside his wife during an operation in Istanbul’s Beşiktaş district. Local outlets said authorities had monitored the address before moving in.

The detention was reportedly carried out under an Interpol Red Notice, which serves as a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition or similar legal action. Turkish media said Finland requested the notice in 2024 in connection with a long-running case alleging aggravated tax fraud.

Several reports also cited additional allegations, including assault, though details varied between outlets. Neither Turkish nor Finnish authorities have publicly confirmed the arrest, and media accounts differed on what was found or seized during the operation.

Some coverage, citing local sources, said police seized electronic devices and other valuables from Heart’s residence, including a claim that authorities found $4 million in cash and 64 luxury watches. Other accounts listed items such as phones, laptops, and cash in multiple currencies.

The episode is separate from Heart’s prior U.S. regulatory dispute. In 2023, the U.S. Securities and Exchange Commission accused Heart of raising more than $1 billion through unregistered crypto offerings, but later dropped the case, according to the provided information.

The arrest matters for crypto markets and industry governance because it underscores how prominent token founders can face enforcement actions outside the United States, including through cross-border mechanisms like Interpol notices. It also highlights the legal and reputational risks that can persist even after high-profile regulatory battles end elsewhere.

• Who: Richard Heart (Richard James Schueler), founder of HEX and PulseChain
• What: Reported detention in Istanbul under an Interpol Red Notice
• Why: Finland’s alleged aggravated tax fraud case; some reports also cite assault allegations
• Status: No public confirmation from Turkish or Finnish authorities; reported seizure details conflict