Turkey Says Richard Heart Was Detained as Istanbul Searches Yield $7.15 Million

Türkiye’s Justice Ministry announced Oct. 17 that Richard James Schueler, the U.S. crypto entrepreneur known as Richard Heart, was detained in Istanbul on Oct. 14 with his wife. Three men authorities identified as his bodyguards were detained later.

Searches at 15 addresses in Beşiktaş, Üsküdar and Sarıyer yielded $7.15 million in cash, 160,000 Turkish lira and six cold wallets. The inventory included 300 bags, 100 pairs of shoes, 136 pairs of glasses, 28 watches, 29 phones and 12 laptops. It also listed 11 computer cases, 19 storage drives, 46 USB drives, 19 graphics cards, four long guns, three unlicensed pistols and 1,400 rounds of ammunition.

Justice Minister Akın Gürlek linked the Interpol Red Notice to allegations of a $1 billion crypto-asset fraud with ties to the United States and Finland. A federal judge dismissed a separate Securities and Exchange Commission case against Heart in February 2025 for lack of personal jurisdiction.

Turkish authorities said judicial proceedings and examination of the seized items are continuing.