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ZEC $1,123 Richard Heart arrested in Istanbul as authorities seize cash and goods
Turkish authorities detained the HEX founder and seized over $7 million in cash and goods, while a Finnish tax case continues.
Key takeaways
- Cash seizure tops $7M. Authorities seized over $7 million in cash in several currencies during searches at the Istanbul property.
- HEX fell nearly 50%. HEX dropped from $0.00090 to $0.00046 on October 14 and later traded near $0.00060.
- No conviction is established. A detention or international notice does not amount to a finding of guilt, and the Finnish case is separate from the SEC dispute.
What happened
Turkish authorities arrested Richard James Schueler, known as Richard Heart, in an Istanbul operation. He was detained on Wednesday morning with his wife, identified as A.K., according to local media reports. Justice Minister Akın Gürlek confirmed the news.
The operation involved Türkiye's National Intelligence Organization, Istanbul police and the Chief Public Prosecutor's Office. Officers found Heart at an address in the Beşiktaş district after tracking his movements. He was wanted under an Interpol Red Notice issued at Finland's request.
Searches at the property yielded over $7 million in cash in several currencies, mobile phones, laptops, graphics cards, SSDs, firearms, ammunition, drones and gold bracelets and necklaces.
Why it matters
The detention follows years of legal trouble tied to Heart's crypto ventures. In 2023 the SEC charged him and three entities he controlled, Hex, PulseChain and PulseX, over allegedly unregistered offerings that raised more than $1 billion. The SEC also alleged that Heart and PulseChain misappropriated at least $12 million to buy luxury items.
That case ended in 2025 when a US federal judge dismissed it on jurisdictional grounds, and the SEC later declined to amend its complaint. A separate report links the Istanbul detention to a Finnish tax investigation and notes that the Finnish case is distinct from the SEC dispute.
HEX fell nearly 50% from $0.00090 to $0.00046 on October 14, in less than 24 hours, after news of the arrest. The token has since recovered and trades near $0.00060.
What is still unclear
- One report says details about seized property and the current procedural stage should be treated cautiously unless confirmed by authorities.
- A detention or international notice does not amount to a finding of guilt, and any extradition or trial would follow applicable legal processes.
Questions readers ask
Who is Richard Heart?
Richard Heart is the legal alias of Richard James Schueler, founder of HEX and PulseChain. Turkish authorities arrested him in Istanbul in October.
What was seized in the Istanbul operation?
Authorities seized over $7 million in cash in several currencies, along with phones, laptops, graphics cards, SSDs, firearms, ammunition, drones and gold jewelry.
Why was Richard Heart wanted?
He was wanted under an Interpol Red Notice issued at Finland's request. One report links the detention to a Finnish tax investigation.
How did HEX react to the arrest?
HEX fell nearly 50% from $0.00090 to $0.00046 on October 14, then recovered to trade near $0.00060.
