Crypto Founder Richard Heart Detained in Istanbul

Turkish Authorities Detain Crypto Founder in Istanbul

Turkish intelligence officers and local police have reportedly detained Richard Heart in Istanbul. Heart, whose real legal name is Richard James Schueler, is well-known in the crypto world as the creator of HEX and PulseChain.

Officers from Turkey's National Intelligence Organization (MIT) and Istanbul police tracked him to a residential home in the Beşiktaş district. Reports indicate that his wife was also taken into custody during the operation.

Heart has been wanted under an Interpol Red Notice since December 2024. An Interpol Red Notice is an international request for law enforcement to locate and provisionally arrest a person pending extradition. Neither Turkish nor Finnish authorities have officially confirmed the detention yet.

Conflicting Reports on Items Seized at the Scene

Local media outlets in Turkey have offered varying details about what law enforcement officers found inside the Beşiktaş residence.

According to Daily Sabah, which cited information from the Ihlas News Agency, police seized a significant collection of luxury goods, cash, and weapons. The reported items include:

• Phones, laptops, and specialized graphics cards
• Rifles, pistols, and two drones
• Gold bracelets and cash in multiple currencies
• 53 Rolex watches and 11 Patek Philippe timepieces
• Approximately $4 million in vacuum-sealed cash

In contrast, a separate report by Euronews Türkçe presented much lower figures for the items recovered by police:

• 24 luxury watches
• $600,000 in US dollars
• €2,600 in euros and 50,000 Turkish lira
• 1,360 rounds of live ammunition

Why Finnish Law Enforcement Is Seeking His Extradition

The international request for Heart's arrest stems from serious legal troubles in Finland.

Finnish public broadcaster Yle reported that police suspect Heart of evading several hundred million euros in taxes. The alleged tax evasion took place between June 2020 and April 2024, leading Finnish courts to remand him in absentia in September 2024.

Heart's entry on Europe's most-wanted list also includes an allegation that he physically assaulted a 16-year-old by punching them in the face and head. Both the tax evasion and assault claims remain unproven allegations, as Heart has not been convicted in court.

Comparing Finnish Charges to the Earlier US SEC Case

Heart previously faced major legal action in the United States, but that dispute ended in his favor.

In 2023, the US Securities and Exchange Commission (SEC) sued Heart, alleging he raised over $1 billion through unregistered token sales. However, a US judge dismissed the lawsuit in 2025, ruling that his promotional efforts did not specifically target American investors.

While the SEC lawsuit was a civil regulatory case, the Finnish investigation involves criminal allegations. That key difference is what led to the Interpol Red Notice.

Market Impact and Extradition Steps

News of the reported arrest triggered immediate price swings for tokens linked to the founder.

Market data from BeInCrypto shows that PulseChain (PLS) fell 44% over a 24-hour period following the news. Meanwhile, HEX (HEX) experienced a minor gain of 3.9%. Crypto asset prices can react sharply to breaking news events, and past performance of digital assets is not an indication of future returns.

Heart's immediate future depends on the extradition process. Local Turkish news outlets report that a transfer to Finnish custody is under consideration, though no official public request has been released yet.