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FollowingTurkish authorities arrested Richard Heart, the founder of Hex cryptocurrency, in Istanbul based on a red notice issued by Interpol.
According to reports from the Turkish newspaper IHA, which was cited by the daily Sabah on Wednesday, Turkish authorities have detained Richard Heart, the founder of Hex cryptocurrency, in Istanbul following a red notice issued by Interpol.
It is reported that Heart’s real name is Richard James Schueler. In the early morning of Wednesday, he and his wife were arrested during an operation jointly carried out by the Istanbul police and the Turkish National Intelligence Organization (MIT). The police had been monitoring his residence in Beşiktaş District since before the arrest.
According to IHA, law enforcement officers seized over ten mobile phones, several laptops, graphics cards, rifles, pistols, two drones, a gold bracelet, and a large amount of cash in various currencies during this operation.
A red notice is not an international arrest warrant. Instead, it is a request sent to global law enforcement agencies, aiming to locate and temporarily detain individuals in order to facilitate extradition or other legal proceedings. This notice was requested by Finland in 2024, and Interpol issued it accordingly. The only charge listed in the notice is “severe tax fraud”. Although Finnish authorities have also issued a warrant for his arrest due to suspected assault charges, Sabah described this notice as involving a high-value cryptocurrency fraud case.
Heart launched the Hex project in 2018, promoting it as a high-yield “blockchain deposit account”.
In 2023, the U.S. Securities and Exchange Commission (SEC) accused Heart and three entities under its control—Hex, PulseChain, and PulseX—of issuing encrypted asset securities without registration, raising over $1 billion in funds. The SEC also alleged that Heart misappropriated at least $12 million from investors’ funds for purchasing luxury goods, including sports cars, watches, and a diamond weighing 555 carats, known as “The Enigma”. In February 2025, a federal judge dismissed the case on the grounds of lack of jurisdiction, stating that Heart’s activities did not specifically target U.S. investors. Since the SEC failed to amend the indictment by April’s deadline, the case was officially concluded. Heart’s lawyers described this as a “complete victory”. It is currently unclear whether Finland has requested the extradition of Heart from Turkey.
