Add as a preferred source on GoogleTürkiye Arrests HEX Founder Richard Heart, Seizes More Than $7 Million
The search also recovered firearms, ammunition, electronics and gold jewelry. Heart was wanted under an Interpol notice tied to allegations in a Finnish request.
Turkish authorities arrested HEX founder Richard James Schueler, known as Richard Heart, in Istanbul on Wednesday, Oct. 14, seizing more than $7 million in cash during an operation tied to crypto-fraud allegations.
Justice Minister Akın Gürlek confirmed the arrest. Authorities located Heart in Beşiktaş after technical and in-person surveillance; Türkiye’s National Intelligence Organization and Istanbul police took part. Searches recovered firearms, ammunition, drones, mobile phones, laptops, graphics cards, solid-state drives, and gold bracelets and necklaces. The cash was held in several currencies.
Heart was sought under an Interpol Red Notice issued after a request from Finland over allegations of crypto fraud. In 2023, the U.S. Securities and Exchange Commission (SEC) accused Heart and three entities he controlled — Hex, PulseChain and PulseX — of raising more than $1 billion through allegedly unregistered crypto securities offerings. The SEC also alleged that Heart and PulseChain misappropriated at least $12 million in offering proceeds for luxury purchases. A federal judge dismissed the case in 2025 on jurisdictional grounds, and the SEC later declined to amend its complaint.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.