Richard Heart Detained Istanbul: HEX Founder Held

Richard Heart, founder of HEX and PulseChain, was detained in Istanbul as Turkish authorities reportedly seized $4M in cash and 64 luxury watches.

According to local media accounts, Richard Heart detained Istanbul—the divisive creator of HEX, PulseChain, and PulseX—was taken into custody in Istanbul by Turkish police and intelligence officers. Police have not verified reports that $4 million in cash and 64 luxury watches were confiscated. The detention marks yet another entry in Heart's convoluted legal record in the U.S. and Finland.

What happened

Detained in Istanbul's Beşiktaş district was Heart—legally named Richard James Schueler—together with his spouse. The operation involved both Turkish police and intelligence personnel, as reported by Daily Sabah. Seized items included guns, electronic devices, twelve mobile phones, multiple laptops, graphics cards, rifles, pistols, two drones, gold bracelets, and money in various currencies, according to IHA, per reports. The precise seizure numbers, though, have not been confirmed by police.

Why it matters

This is not Heart's first brush with the law. In 2023, the U.S. Securities and Exchange Commission filed charges against him and three crypto projects, claiming they generated over $1 billion through unregistered securities offerings. The SEC also alleged that Heart and PulseChain misappropriated at least $12 million of investor money. Yet in February 2025, a federal judge dismissed the complaint for want of jurisdiction, noting the project did not specifically target U.S. investors. The SEC allowed an April deadline to lapse without filing an amended complaint, effectively ending the case. Heart's attorney called the dismissal a total victory.

Separately, Heart was sought in Finland over accusations of tax fraud and assault. In 2024, at Finland's behest, an Interpol Red Notice was issued for him, specifying one count of aggravated tax fraud. Daily Sabah described the notice as connected to high-value cryptocurrency fraud, while Decrypt reported it as a tax fraud charge—a mismatch that underscores the competing accounts of his legal woes.

Market reaction

At the time of writing, HEX is trading at $0.00, PLS at $0.00, and PLSX at $0.00, according to live market data. These prices reflect the current lack of liquidity or data availability for these assets on major exchanges. Traders should note that such conditions can make it difficult to assess the immediate impact of the news on these tokens.

What to watch next

The central issue is whether Turkish officials will enforce the Interpol Red Notice. A Red Notice serves as a request to find and temporarily arrest someone while extradition is pending—it is not an international arrest warrant. Whether Finnish authorities have sought Heart's extradition from Turkey is not immediately known. Should they proceed, a drawn-out legal process could follow. In the meantime, the crypto community will be monitoring for any official comments from Heart's team or Turkish police. Because the seizure reports remain unconfirmed, the situation could still change.

FAQ

What is Richard Heart accused of?

In the U.S., the SEC alleged that Heart raised over $1 billion through unregistered securities offerings and misappropriated at least $12 million. That case was dismissed in 2025. In Finland, he faces accusations of aggravated tax fraud and assault, which resulted in an Interpol Red Notice in 2024. Turkish authorities have not detailed any charges connected to his latest detention.

Why was Richard Heart detained in Istanbul?

Heart was detained by Turkish police and intelligence officers in Istanbul's Beşiktaş district. Although local media reports indicate the detention relates to the Interpol Red Notice, the precise rationale has not been officially verified. Authorities reportedly confiscated $4 million in cash and 64 luxury watches, but these numbers have not been confirmed by police.

How does the Interpol Red Notice affect Richard Heart?

A Red Notice asks law enforcement agencies around the world to find and provisionally arrest an individual while extradition is pending. It is not an international arrest warrant. Turkey might detain Heart while Finland determines whether to seek extradition. Should Finland do so, Heart could confront an extradition legal fight lasting months or even years. What happens next is still unclear.

Richard Heart Detained in Istanbul: HEX Founder Arrested