BTC $81,680 
ETH $2,435 
USDT $0.9993 
BNB $731.52 
XRP $1.33 
USDC $0.9998 
SOL $104.34 
TRX $0.3331 
FIGR_HELOC $1.03 
ZEC $1,158 HEX founder Richard Heart detained in Istanbul on Interpol notice
Turkish authorities arrested the cryptocurrency entrepreneur on charges of tax fraud following an international manhunt.
Key takeaways
- SEC case dismissed. A U.S. federal judge dismissed the SEC's charges in February 2025, finding Heart's activities were not clearly aimed at American investors.
- Billion-dollar allegations. The SEC had accused Heart of conducting unregistered offerings that raised more than $1 billion and misappropriating at least $12 million.
- Finnish warrant issued. Finnish authorities requested the Interpol Red Notice in December 2024 over aggravated tax fraud and assault allegations.
What happened
Richard Heart, the founder of HEX and related projects PulseChain and PulseX, was detained by Turkish authorities in Istanbul on an Interpol Red Notice. The operation took place on October 14, 2026, in the upscale Beşiktaş district, where Turkish National Intelligence Organization and Istanbul police located Heart and his wife.
The Interpol Red Notice was issued by Finland in December 2024 on a single charge of aggravated tax fraud, though Finnish authorities have also sought Heart over an alleged assault. The raid followed an international manhunt tied to criminal investigations in Finland.
Turkish authorities reportedly seized dozens of luxury watches, firearms, electronics, storage devices and substantial cash holdings from the residence. Reported items included Rolex and Patek Philippe timepieces, gold jewelry, computers and cryptocurrency-related equipment.
Why it matters
Heart's arrest marks a significant development in his legal troubles spanning multiple jurisdictions. In 2023, the U.S. Securities and Exchange Commission charged Heart and three entities under his control with conducting unregistered offerings that raised more than $1 billion, and accused him of misappropriating at least $12 million of investor funds.
The SEC case appeared to conclude in Heart's favor when a federal judge dismissed the complaint in February 2025 for lack of jurisdiction. The Finnish investigation, however, has remained active. Previously, Finnish investigators seized approximately 20 luxury watches valued at roughly $2.6 million from a property in Espoo.
What is still unclear
- Turkish and Finnish officials have not independently confirmed the detention through public statements.
- Reports differ on the exact amount of cash seized, with some publications citing approximately $4 million and others identifying $600,000 in USD along with 2,600 euros and 50,000 Turkish lira.
- Whether Finnish authorities will formally request Heart's extradition from Turkey remains unclear.
Questions readers ask
Who is Richard Heart?
Richard James Schueler, known as Richard Heart, is the founder of HEX, which he launched in 2018 as a blockchain certificate of deposit, along with related projects PulseChain and PulseX. He is 47 years old.
What are the charges against Richard Heart?
The Interpol Red Notice lists a single charge of aggravated tax fraud issued by Finnish authorities in December 2024. Finnish authorities have also sought Heart over an alleged assault.
What happened with the SEC case?
The SEC charged Heart in 2023 with conducting unregistered offerings raising more than $1 billion and misappropriating at least $12 million. A federal judge dismissed the case in February 2025 for lack of jurisdiction.
What did authorities seize from Heart's residence?
Turkish authorities reportedly seized luxury watches, firearms, electronics, storage devices, gold jewelry and substantial cash holdings. Finnish authorities had previously seized approximately 20 luxury watches valued at roughly $2.6 million from a separate property.
