Hex and PulseChain Founder Richard Heart Detained in Istanbul: Reports
Turkish media report Richard Heart detained in Istanbul
Hex and PulseChain founder Richard Heart was taken into police custody in Istanbul on Wednesday, according to Turkish media reports. The arrest was carried out in a joint operation by Turkish intelligence agency MİT and local police at a residence in the Beşiktaş district.
Heart's legal name is Richard James Schueler. He is widely known in crypto for launching Hex, a token that peaked around $0.44 in 2021 before falling more than 99%, and later PulseChain, an Ethereum-based blockchain with its own token called PLS.
Seized assets include cash and luxury watches
Turkish outlets Sözcü and Haberler reported that authorities seized $4 million in cash, 64 high-end watches, and electronic devices during the operation. The watches reportedly align with luxury items Heart has previously displayed publicly, including a collection of 32 watches he claimed were worth $10 million in a 2022 Twitter video.
The Block has contacted Istanbul police and Interpol for confirmation on Heart's custody status but has not yet received a response.
Finnish authorities seek Heart over tax fraud allegations
An Interpol Red Notice lists Heart as wanted by Finnish authorities in connection with alleged aggravated tax fraud. A Red Notice is an international request to locate and arrest a fugitive.
Turkish reports also reference allegations tied to the U.S. Securities and Exchange Commission. However, the SEC's lawsuit against Heart was dismissed by a judge in February 2025, and the SEC declined to amend its complaint in April 2025, citing insufficient evidence.
Crypto tokens drop on arrest reports
Crypto tokens linked to Heart fell sharply after the arrest reports surfaced. Hex dropped 25% and trades for fractions of a cent. PLS, the native token of PulseChain, fell 35% in 24 hours and is down nearly 98% since its launch in 2023.
What remains unclear
Official confirmation of Heart's detention has not been provided by Turkish authorities or Interpol. The exact legal basis for his arrest in Turkey, beyond the Finnish tax fraud warrant, has not been independently verified.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.