BTC $82,055 
ETH $2,401 
USDT $0.9994 
BNB $725.80 
XRP $1.30 
USDC $0.9999 
SOL $104.36 
TRX $0.3315 
FIGR_HELOC $1.03
ZEC $1,126 Richard Heart detained in Istanbul as HEX market cap falls
Turkish police seized cash and goods in raids on 15 locations, while HEX lost more than $200 million in market value.
Key takeaways
- HEX lost value. The HEX market cap fell from $561 million to $315 million after the founder's detention.
- Cash was seized. Police took $7.15 million in cash during the Istanbul raid, per the Turkish justice minister.
- Charges unconfirmed. HEX supporters say authorities have not confirmed whether Schueler has been formally arrested or charged.
What happened
HEX founder Richard Schueler, known in crypto as Richard Heart, was detained by authorities in Istanbul on October 14. Police carried out an early morning raid in the Beşiktaş district and searched 15 related addresses, according to Turkish Justice Minister Akın Gürlek.
Officers seized $7.15 million in cash along with firearms and ammunition, Cointelegraph reported. A separate Protos report, citing Turkish outlet TGRT Haber, put the seized cash at $7 million and said raids covered 15 locations, where police also took six physical crypto wallets, 300 designer bags, 100 pieces of jewellery, four rifles, three pistols and 1,400 rounds of ammunition.
Protos reported that Schueler's alleged wife, Alina Kara, and three bodyguards were also arrested. Turkish media published images that appeared to show Schueler during the raid. HEX supporters say authorities have not confirmed whether he has been formally arrested or charged.
Why it matters
The detention hit the token tied to Schueler. The HEX market cap fell from $561 million to $315 million this week, Cointelegraph reported.
Schueler also faces legal pressure outside Turkey. Interpol issued a Red Notice for him after Finnish authorities sought his arrest over allegations of tax fraud and assault, and Protos reported the notice was posted in December 2024 over alleged aggravated tax fraud involving hundreds of millions of euros in unpaid tax.
In the US, the SEC accused Heart in 2023 of selling over $1 billion in unregistered securities and misappropriating millions from his Hex, PulseChain and PulseX projects. Cointelegraph reported that a US judge dismissed that case in February 2025, and Protos reported the SEC dropped it in 2025 after failing to establish legal jurisdiction.
What is still unclear
- HEX supporters say authorities have not confirmed whether Schueler has been formally arrested or charged.
- The two reports give different figures for the cash seized, $7.15 million and $7 million.
- It is unclear exactly when the photo published by Turkish media was taken.
Questions readers ask
Why was Richard Heart detained in Istanbul?
Turkish police detained him in an early morning raid in Beşiktaş on October 14. An Interpol Red Notice on behalf of Finland had been issued over alleged tax fraud and assault, and Turkish media have linked him to a US securities case that was dismissed in February 2025.
How much did HEX's market cap fall?
Cointelegraph reported that the HEX market cap fell from $561 million to $315 million in the week after the detention.
What did police seize in the raids?
Cointelegraph reported $7.15 million in cash plus firearms and ammunition. Protos, citing TGRT Haber, reported $7 million in cash, six crypto wallets, 300 bags, 100 pieces of jewellery, four rifles, three pistols and 1,400 rounds of ammunition.
Has Richard Heart been charged?
HEX supporters say authorities have not confirmed whether Schueler has been formally arrested or charged. Turkey's justice minister said his judicial proceedings are still ongoing.
