Turkey Confirms Arrest of Hex Founder Richard Heart and Seizure of $7 Million
Turkish authorities detain Richard Heart in Istanbul
Turkish officials have confirmed the arrest of Richard Heart, the creator of the crypto projects Hex and PulseChain. Heart, whose legal name is Richard James Schueler, was detained in Istanbul on October 14. The arrest followed an international search involving a Red Notice from Interpol.
The operation took place in the Beşiktaş district of Istanbul. Along with Heart, authorities detained his wife and three individuals identified as his bodyguards. Heart is a well-known figure in the cryptocurrency industry, where people use digital assets and blockchain technology to send and store value.
Details of the police operation
- Police searched 15 different addresses across three districts in Istanbul.
- Authorities seized $7.15 million in cash and 160,000 Turkish lira.
- Six cold wallets, which are physical devices used to store cryptocurrency safely offline, were taken by police.
- Officials found four long-barreled rifles, three unlicensed pistols, and 1,400 rounds of ammunition.
- Items seized also included 28 luxury watches, 97 pieces of jewelry, and nine vehicles.
Official confirmation from the Justice Ministry
Turkish Justice Minister Akın Gürlek announced the details of the arrest on social media. He stated that the operation was managed by the Istanbul chief prosecutor's office and supported by financial crimes and intelligence units. Turkey’s national intelligence agency also assisted in the case. Gürlek noted that judicial proceedings and the examination of seized materials are still going on.
Legal background and international warrants
The arrest is linked to an Interpol Red Notice issued on behalf of Finland in December 2024. Finnish authorities want Heart for questioning regarding allegations of gross tax evasion and assault. Gürlek also mentioned that the notice was connected to claims of $1 billion in crypto fraud in the United States and Finland.
In the United States, a federal judge dismissed a lawsuit against Heart by the Securities and Exchange Commission (SEC) in February 2025. The judge dropped the case because of jurisdictional issues, and the SEC chose not to file the lawsuit again later that year.
Current status of the investigation
It remains unclear if Turkey has received a formal request to extradite Heart to another country. While he is in custody, the Hex token saw a price decrease of about 14% over a 24-hour period following the reports of his detention. Police are currently inspecting the 19 graphics cards and other electronics seized during the raids to gather more information.
Why this arrest matters
This event is significant because Heart is the founder of major crypto tokens that have attracted thousands of investors. The seizure of cold wallets is particularly important, as these devices often hold the keys to large amounts of digital wealth. The outcome of the Turkish investigation could impact the legal status of Heart’s projects in multiple countries.
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.