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FollowingHEX founder Richard Heart was arrested in Istanbul. The police seized $600,000 in cash and seven firearms.
It is reported that Richard Heart, the founder of HEX, PulseChain, and PulseX, was detained in Istanbul during an operation jointly conducted by Turkish intelligence agencies and the police. This operation was carried out to capture a wanted international criminal.
Richard Heart’s legal name is Richard James Schueler. On October 14th, he and his wife were arrested at a residence in the Besiktas district of Istanbul. This operation, led by the Istanbul police, was supported by the Turkish National Intelligence Organization (MIT), and involved intelligence and financial crime departments.
It is said that the Turkish authorities identified Heart through surveillance related to the Interpol red notice issued by Finland. Heart is also under another criminal investigation in Finland, involving allegations of serious tax fraud and assault.
The police seized $600,000 in cash, weapons, and luxury goods.
The raid on October 14th resulted in the confiscation of large amounts of cash, firearms, jewelry, and electronic devices. The items recovered from the residence include:
- Cash: $600,000, 2,600 euros, and 50,000 Turkish liras.
- Weapons: Three pistols, four rifles, seven magazines, and 1,360 bullets.
- Luxury goods: 24 watches, 20 gold bracelets, and seven gold necklaces.
- Electronic devices: 12 mobile phones, 8 desktop computers, 6 laptops, 20 graphics cards, and 14 solid-state drives.
- Other equipment: Two drones, seven USB drives, three memory cards, and a knife.
During the police operation, all the seized items were recorded. Hert and his wife were taken away for questioning. Currently, Turkish media has not confirmed whether prosecutors have filed new domestic criminal charges or whether the extradition process has begun.
Finland is seeking Hert’s extradition due to allegations of tax fraud and assault.
Since 2024, Hert has been the subject of Finnish criminal investigations. Finnish authorities suspect that he failed to report income related to his cryptocurrency business. It is alleged that he may have evaded taxes worth hundreds of millions of euros.
Detective Harri Saaristola from Helsinki’s police department confirmed this investigation in September 2024, stating that the suspected tax violations involved discrepancies between Hert’s reported income and the income recognized by the Finnish tax authorities.
On September 13, 2024, the Helsinki District Court issued an arrest warrant against Hert on charges of serious tax fraud and assault. The alleged tax violations occurred between June 2020 and April 2024, while the assault charge relates to an incident that took place in February 2021.
In December 2024, Hert became a target of Interpol’s Red Notice.
A lawsuit filed by the US SEC against Hert over a $1 billion crypto case was dismissed in 2025.
Hert was also involved in a major US securities enforcement case involving HEX, PulseChain, and PulseX. In July 2023, the U.S. Securities and Exchange Commission (SEC) sued Hert and his cryptocurrency project, accusing them of raising over $1 billion through unregistered securities offerings.
The regulators also alleged that Hert misused at least $12 million from investors to purchase luxury goods, including sports cars, expensive watches, and a 555-carat black diamond known as “The Enigma”.
However, the lawsuit in the United States ended with Hert winning the case. On February 28, 2025, a federal judge dismissed the SEC’s charges, stating that the SEC failed to establish a basis for applying US securities laws. Subsequently, the SEC chose not to submit any revised charges in April 2025, thereby ending this enforcement action without holding Hert accountable.
This detention in Turkey relates primarily to international investigations related to the Finnish case, rather than the dismissed lawsuit against the SEC in the United States. According to preliminary reports on October 14th, Hert and his wife are still being questioned by police, and Turkish authorities continue their investigation.
