Hex Founder Richard Heart Detained in Istanbul on Red Notice

Richard Heart Detained in Turkey Following Interpol Alert

Turkish police and intelligence officers have detained Richard Heart, the founder of the Hex cryptocurrency project, in Istanbul. Turkish media reported the detention on Wednesday after law enforcement acted on an Interpol Red Notice.

Heart, whose legal name is Richard James Schueler, was taken into custody alongside his wife during a planned morning operation. Authorities executed the arrest following a request from Finland, where Heart faces serious legal charges.

How Turkish Authorities Conducted the Operation

The arrest was not a chance encounter. A joint team consisting of Istanbul police officers and Turkey's National Intelligence Organization (MIT) carried out the operation after tracking Heart's movements.

According to reports, intelligence officers monitored Heart's residential address in Beşiktaş, a bustling district along the Bosporus in Istanbul. Once officers confirmed his presence, law enforcement moved in to secure the residence and detain both Heart and his wife.

Seized Electronics, Weapons, Gold, and Cash

During the search of the Istanbul property, officers confiscated a wide range of hardware, physical items, and financial assets. News agency IHA reported that police seized the following items:

• 12 mobile phones and several laptops
• Multiple high-performance graphics processing units (GPUs)
• Firearms, including several rifles and handguns
• Two unmanned aerial drones
• Gold bracelets and jewelry
• A large amount of physical cash in multiple foreign currencies

In the crypto world, carrying high-powered computer hardware and multiple communication devices is relatively common for managing private keys. However, the discovery of firearms, drones, and large physical cash reserves adds notable weight to the raid.

What is an Interpol Red Notice?

To understand the background of Heart's detention, it helps to look at how international law enforcement operates across borders.

An Interpol Red Notice is not an international arrest warrant. Instead, it acts as a global request sent to police forces worldwide to locate and provisionally arrest a person pending extradition or similar legal proceedings.

Finland requested the Interpol Red Notice for Heart in 2024. The primary charge listed on the notice is aggravated tax fraud. Additionally, Finnish authorities have sought Heart over an alleged physical assault. Media outlet Daily Sabah reported that the notice also relates to high-value cryptocurrency fraud.

Who is Richard Heart and What is Hex?

Richard Heart became a prominent figure in the cryptocurrency community over the last several years due to his vocal personality and high-profile marketing campaigns.

Heart launched Hex in 2018, marketing the token as the world's first 'blockchain certificate of deposit.' The concept promised token holders potential yields in exchange for locking up their funds for set periods.

While traditional certificates of deposit are issued by regulated banks, crypto staking mechanisms rely on smart contracts. Investors should always keep in mind that yield-bearing crypto products carry price volatility and smart contract risks. Past performance of any cryptocurrency does not guarantee future results.

The SEC Lawsuit: $1 Billion Raised and $12 Million in Luxury Goods

Heart's detention in Turkey comes after a major regulatory battle in the United States. In July 2023, the U.S. Securities and Exchange Commission (SEC) filed a civil lawsuit against Heart and three entities under his control: Hex, PulseChain, and PulseX.

The SEC accused Heart of conducting unregistered crypto asset security offerings that raised more than $1 billion from global investors.

Furthermore, regulators accused Heart of misappropriating at least $12 million in investor funds to buy personal luxury items. According to the SEC filings, those purchases included high-end sports cars, luxury watches, and a famous 555-carat black diamond known as 'The Enigma.'

Dismissal of the US SEC Case

Despite the severe allegations from American regulators, the SEC lawsuit was eventually thrown out in court.

In February 2025, a U.S. federal judge dismissed the SEC complaint on jurisdictional grounds. The court determined that regulators failed to show that Heart's activities were sufficiently targeted at U.S. investors.

The judge gave the SEC an opportunity to amend its complaint, but the regulator let the April deadline pass without refiling. This effectively ended the case, leading Heart's defense attorney to describe the outcome as 'a complete victory.'

What Happens Next for Heart?

Although Heart defeated the SEC charges in the United States, his detention in Turkey creates a brand new legal reality.

It remains unclear whether Finnish authorities have submitted a formal request to Turkish officials for Heart's extradition. Extradition procedures often involve diplomatic negotiations, bilateral international treaties, and reviews by local courts.

For now, Heart remains in Turkish custody while international authorities evaluate the next steps in his criminal tax fraud case.