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ZEC $1,115 Turkey's justice minister confirms Richard Heart's Istanbul detention
Turkey says HEX founder Richard Heart was held in an Oct. 14 operation, with cash, cold wallets and other items seized.
Key takeaways
- Detention confirmed. Turkey's justice minister said Heart was held in an Oct. 14 operation in Istanbul's Beşiktaş district.
- Cash and wallets seized. Searches at 15 addresses produced about $7.15 million in U.S. currency, 160,000 Turkish lira and six cold wallets.
- No court finding yet. The alleged $1 billion fraud has not been established in court, and no hearing date has been announced.
What happened
Turkey's Justice Minister Akın Gürlek confirmed on Oct. 17 that Richard James Schueler, known as Richard Heart, was detained during an Oct. 14 operation in Istanbul's Beşiktaş district. Gürlek said Schueler was held alongside his wife, and three men described as bodyguards were later apprehended. Investigators searched 15 properties across Beşiktaş, Üsküdar and Sarıyer.
Gürlek said Schueler faced an Interpol red notice over allegations of a $1 billion crypto fraud in the United States and Finland. The minister listed recovered items including about $7.15 million in U.S. currency, 160,000 Turkish lira and six crypto cold wallets. Police also reported seven firearms and 1,400 rounds of ammunition, along with luxury goods and electronics.
Gürlek said judicial proceedings against the suspects and examinations of the seized materials are ongoing. Five individuals remain subject to judicial proceedings, with no publicly confirmed extradition filing or court disposition.
Why it matters
The detention is a documented cross-border enforcement action. The red notice was requested by Finland, where authorities have investigated allegations of aggravated tax fraud involving hundreds of millions of euros. A red notice is an Interpol alert used to request a provisional arrest, not an international arrest warrant.
The case follows a separate U.S. regulatory dispute. The SEC sued Schueler in 2023 over alleged unregistered crypto offerings exceeding $1 billion, and a federal judge dismissed that case in February 2025 on jurisdictional grounds. The SEC declined to amend its complaint.
What is still unclear
- Authorities have not disclosed the contents or potential value of the six cold wallets.
- The fraud allegation had not been established in court based on the information released so far.
- Turkish authorities had not announced a hearing date or timetable for the continuing examination.
Questions readers ask
Who is Richard Heart?
Richard Heart is the name used by Richard James Schueler, the American entrepreneur behind HEX, Pulsechain and Pulsex. Turkey's justice minister said he was detained in Istanbul on Oct. 14.
What did Turkish authorities seize?
The justice minister reported about $7.15 million in U.S. currency, 160,000 Turkish lira and six crypto cold wallets. Police also listed firearms, ammunition, luxury goods and electronics.
Is a red notice an arrest warrant?
No. A red notice is an Interpol alert asking law enforcement to locate and provisionally arrest a person pending extradition or similar legal action.
Has Richard Heart been convicted?
The reports do not describe a conviction. The fraud allegation had not been established in court based on the information released so far, and proceedings are ongoing.
