HEX Founder Richard Heart Arrested in Istanbul Amid International Fraud Allegations
Richard Heart, known for founding the cryptocurrency HEX, was arrested in Istanbul on Wednesday after being sought under an Interpol Red Notice issued by Finland. The arrest was executed by Turkey’s National Intelligence Organization (MIT) and local police in the Beşiktaş district.
Reports indicate that during the raid, authorities confiscated approximately $4 million in cash, 64 luxury watches, firearms, computers, and crypto mining equipment. Among the seized items were three handguns, four rifles, 1,360 rounds of ammunition, and various electronic devices.
Heart, whose legal name is Richard James Schueler, has been accused by Finnish authorities of evading hundreds of millions of euros in taxes from June 2020 to April 2024. He was remanded in absentia by Finnish courts in September 2024. Additionally, he faces allegations of assaulting a minor and has previously been accused by the SEC of raising over $1 billion through unregistered securities sales.
The investigation into Heart's activities suggests he may have been operating an international fraud network with connections to the US, Finland, and Spain. While the SEC lawsuit against him was dismissed in 2025 due to jurisdictional issues, he remains a controversial figure in the crypto space.
As authorities consider extradition to Finland, the outcome of Heart's legal troubles remains uncertain. His arrest has already impacted the market, with the price of PulseChain (PLS) dropping significantly, while HEX (HEX) saw a slight increase.
Updated 16:32 UTC
Latest Update on Richard Heart
Richard Heart, the founder of HEX and PulseChain, has been arrested in Istanbul. This arrest was part of a police operation in Beşiktaş and is linked to an Interpol Red Notice requested by Finland.
During the arrest, authorities reportedly seized electronic devices from Heart.
Updated 16:32 UTC
New Developments in Richard Heart's Case
- Richard Heart, also known as Richard James Schueler, was detained in Istanbul by Turkish authorities, including the police and the National Intelligence Organization.
- Heart's wife, identified by the initials A.K., was also arrested during the operation in the Beşiktaş district of Istanbul.
- Authorities discovered various items during their searches, including mobile phones, laptops, graphics cards, firearms, two drones, gold bracelets, and cash in multiple currencies, although the total value of these items was not disclosed.
- Heart is wanted by Finnish authorities for aggravated tax evasion and assault, with allegations dating back to between June 2020 and April 2024, and a separate assault allegation from February 2021.
- Interpol had previously issued a Red Notice for Heart at Finland's request regarding these allegations.
- Heart founded Hex, PulseChain, and PulseX, with Hex launching in 2019 as an Ethereum token that rewards holders for locking their tokens.
- PulseChain was launched in 2023 as a separate blockchain based on Ethereum's software, and PulseX operates as a decentralized exchange on PulseChain.
- A separate SEC lawsuit against Heart was dismissed by a US federal judge in February 2025 due to lack of personal jurisdiction, not on the merits of the case.
- The Turkish reports did not clarify whether extradition proceedings for Heart had commenced or if there were any new charges in Turkey.
FAQ
Who is Richard Heart?
Richard Heart, whose legal name is Richard James Schueler, is known for founding the cryptocurrency HEX.
Why was Richard Heart arrested?
He was arrested in Istanbul under an Interpol Red Notice issued by Finland, facing allegations of tax evasion, assaulting a minor, and operating an international fraud network.
What items were confiscated during the arrest?
Authorities confiscated approximately $4 million in cash, 64 luxury watches, firearms, computers, and crypto mining equipment.
What are the specific allegations against Richard Heart?
He is accused of evading hundreds of millions of euros in taxes, assaulting a minor, and previously faced allegations from the SEC for raising over $1 billion through unregistered securities sales.
How has Richard Heart's arrest affected the cryptocurrency market?
Following his arrest, the price of PulseChain (PLS) dropped significantly, while HEX (HEX) saw a slight increase.
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