Turkey Confirms Bust of HEX Founder Richard Heart

Turkey's Justice Minister Confirms the Istanbul Arrest

Turkish officials have formally confirmed the detention of Richard James Schueler. He is widely known in the crypto community as Richard Heart.

On Saturday, October 17, 2026, Turkey’s Justice Minister Akın Gürlek released official details about the high-profile police operation.

Heart is the entrepreneur behind crypto projects like HEX, PulseChain, and PulseX. Police detained him on October 14 in the Beşiktaş district of Istanbul.

How Turkish Authorities Conducted the Raid

The law enforcement operation involved much more than a routine stop. Police forces executed coordinated searches across 15 separate properties.

These searches took place in the Beşiktaş, Üsküdar, and Sarıyer districts of Istanbul.

Multiple state security departments teamed up to carry out the raids:

• Turkish police intelligence units
• Financial crime investigation teams
• Turkey's National Intelligence Organization

Heart was not taken into custody alone. Officers detained him alongside his wife and three men who served as his bodyguards.

Richard James Schueler, a U.S. citizen reported to have an INTERPOL red notice issued against him on allegations of perpetrating a $1 billion cryptocurrency fraud in the United States and Finland, was apprehended and taken into custody in Istanbul, Gürlek stated.

Millions in Cash, Luxury Goods, and Firearms Seized

When investigators searched the locations, they uncovered an extensive stash of cash, designer accessories, and electronic equipment.

Here is the exact inventory released by the Justice Minister:

Cash and Cryptocurrency Wallets

• Approximately $7.15 million in U.S. cash
• 160,000 Turkish lira in cash
• Six cryptocurrency hardware cold wallets
• Multiple high-end luxury vehicles

Designer Goods and Jewelry

• 300 luxury bags
• 100 pairs of high-end shoes
• 136 pairs of designer glasses
• 28 luxury watches
• 97 pieces of fine jewelry and related valuables

Tech Hardware and Weapons

• 29 smartphones and 12 laptops
• 11 desktop computer towers
• 19 external storage drives and 46 USB drives
• 19 graphics processing units (GPUs)
• Seven firearms and 1,400 rounds of live ammunition

Authorities noted that official forensic examinations of all seized electronics and hardware are currently ongoing.

Officials have not yet revealed the balance or contents of the six confiscated cold wallets.

Understanding the Legal Troubles Facing Heart

Heart's detention in Istanbul stems directly from an Interpol Red Notice requested by Finnish authorities.

An Interpol Red Notice is an international request to locate and provisionally arrest an individual. It does not act as an international arrest warrant.

In Finland, officials are investigating allegations against Heart involving aggravated tax fraud. The case reportedly concerns hundreds of millions of euros.

Finnish authorities also previously pointed to a separate alleged assault incident involving a minor. None of these allegations have resulted in a conviction.

Heart's Previous U.S. SEC Legal Battle

Heart previously dealt with major legal pressure from regulators in the United States.

In 2023, the U.S. Securities and Exchange Commission sued Heart. The agency alleged he sold over $1 billion in unregistered crypto tokens.

However, a federal judge dismissed the SEC case in February 2025 based on jurisdictional grounds. The SEC ultimately chose not to amend its filing.

What Happens Next in Turkey?

Justice Minister Akın Gürlek emphasized that Turkey takes international law enforcement very seriously.

We will not allow anyone to view Turkey as a safe harbor for evading justice. We will continue with determination to protect our country's security, Gürlek declared.

All five individuals remain subject to active judicial proceedings in Turkey.

Officials have not yet publicly confirmed any extradition filings or court dispositions regarding Heart's future destination.