Hex Founder Richard Heart Arrested in Istanbul on Interpol Red Notice
Richard Heart detained in joint Turkish operation
Richard Heart, the founder of the crypto projects Hex, PulseChain and PulseX, was arrested in Istanbul on Wednesday in a joint operation by Turkish police and intelligence officers, according to local media reports.
Heart, whose legal name is Richard James Schueler, was detained alongside his wife at a property in Istanbul's Beşiktaş district. Authorities reportedly seized $4 million in cash, 64 luxury watches, firearms and electronic equipment from the residence.
Turkish media reported the seizure figures, although police have yet to confirm those numbers.
Background on legal troubles
Heart has faced legal issues in both the United States and Finland. In 2023, the U.S. Securities and Exchange Commission (SEC) charged Heart and three of his crypto projects with raising more than $1 billion through unregistered securities offerings. The SEC also accused Heart and PulseChain of misappropriating at least $12 million in investor funds.
The SEC dropped the case in 2025 after a judge dismissed the complaint, citing a lack of jurisdiction because the project did not specifically target investors in the U.S.
Heart was wanted in Finland on allegations of tax fraud and assault, which prompted an Interpol Red Notice — an international alert used to locate and arrest individuals wanted for prosecution or to serve a sentence.
Key details
- Richard Heart, founder of Hex, PulseChain and PulseX, arrested in Istanbul with his wife
- Turkish police and intelligence officers carried out the joint operation
- Authorities reportedly seized $4 million in cash, 64 luxury watches, firearms and electronics
- Heart faces a Finnish Interpol Red Notice for tax fraud and assault allegations
- The SEC's 2023 case against Heart was dropped in 2025 after a judge dismissed it over jurisdiction issues
- Turkish police have not yet confirmed the seizure figures
What remains unconfirmed
The seizure of $4 million in cash, 64 luxury watches, firearms and electronic equipment has been reported by Turkish media but has not been confirmed by police. It is also unclear what legal proceedings will follow in Turkey or whether Heart will face extradition.
Source
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.