Richard Heart arrested in Turkey almost 2 years after Interpol red notice

Interpol fugitive Richard Heart taken into custody in Istanbul

Richard Heart, the Hex cryptocurrency founder wanted by Finland under an Interpol Red Notice, was arrested in Istanbul on Wednesday, according to Turkish media. The arrest comes nearly two years after the international warrant was issued.

Turkish news outlet Haberler reported that police raided Heart's residence in the Beşiktaş district during the morning. Officers seized approximately $4 million in cash, 64 luxury watches, firearms, computers, and crypto mining equipment from Heart, whose real name is Richard James Schueler.

Euronews reports that authorities also found three handguns, four rifles, seven magazines, 1,360 rounds of ammunition, and a dagger at the location.

What authorities seized and why

• Approximately $4 million in cash
• 64 luxury watches
• Firearms: three handguns, four rifles, seven magazines, and 1,360 rounds of ammunition
• A dagger
• Computers and electronic devices
• Crypto mining equipment

The investigation behind the raid

The raid was conducted by Istanbul's National Intelligence Organization (MİT) and local Beşiktaş police. It was coordinated by Istanbul's Chief Public Prosecutor's Office Financial Crimes Division, Interpol, and MİT.

Haberler reports that the investigation focused on an alleged international fraud network run by Schueler from Istanbul, with offices across the United States, Finland, and Spain.

Schueler's Istanbul home was described as luxurious, potentially funded in part by suspected transactions through Tornado Cash, a cryptocurrency mixer that obfuscates the origins of digital currency. Sources indicate Schueler attempted to obscure approximately $500 million worth of crypto through the mixer.

What the Interpol warrant says

An Interpol Red Notice on behalf of Finland was posted in December 2024. Finland seeks Schueler's detention over allegations of aggravated tax fraud involving hundreds of millions of euros in unpaid taxes.

Schueler also allegedly assaulted a minor in 2021, according to the source material.

In 2023, the U.S. Securities and Exchange Commission accused Heart of selling over $1 billion in unregistered securities and misappropriating millions from his Hex, PulseChain, and PulseX projects. He allegedly spent $12 million on sports cars, watches, and a 555-carat black diamond called "The Enigma." That lawsuit was dropped two years later after the SEC failed to establish legal jurisdiction. He was also previously listed on Europol's most wanted list but is no longer there, likely due to the current arrest.

Market reaction and next steps

Following news of the arrest, the price of Schueler's Hex token fell nearly 45%, according to the source.

No official statement from Finnish authorities or details about extradition proceedings were included in the supplied material.

Key details to watch

• Whether Finland will pursue formal extradition
• Potential U.S. interest in additional charges given the prior SEC case
• The status of the alleged fraud network across the U.S., Finland, Spain, and Turkey
• What happens to seized assets including cash, watches, and cryptocurrency holdings

Why this matters for the crypto space

Heart was one of the most prominent figures in the crypto industry known for his outspoken presence and the creation of Hex, a token that attracted both dedicated supporters and serious regulatory scrutiny. His arrest marks the end of a two-year period as a fugitive and could set a precedent for how authorities handle high-profile crypto founders wanted across multiple jurisdictions.

Sources

• Protos