Turkish law enforcement authorities have arrested Richard James Schueler, widely known as Richard Heart, in an Istanbul raid executed under an Interpol Red Notice issued at the request of Finland over allegations of high-profile crypto fraud. The founder of HEX, PulseChain, and PulseX was detained on Wednesday morning along with his wife, identified in local reports as A.K., as confirmed today by Turkish Justice Minister Akın Gürlek.
Key Takeaways
- Richard Heart was detained in the Beşiktaş district of Istanbul following physical and technical surveillance by Türkiye's National Intelligence Organization (MIT), Istanbul police teams, and the Chief Public Prosecutor's Office.
- Authorities seized over $7 million in cash ($7.15M across multiple currencies), mobile phones, laptops, graphics cards, SSDs, firearms, ammunition, drones, gold bracelets, and necklaces.
- Finland requested the Interpol Red Notice that led to Heart's arrest over allegations of high-profile cryptocurrency fraud.
- HEX dropped nearly 50% from $0.00090 to $0.00046 within 24 hours on October 14 before recovering near $0.00060.
Surveillance Raid in Beşiktaş Seizes Cash and Hardware
Following technical and physical tracking of Heart's movements, security forces targeted an address in Istanbul's Beşiktaş district. Intelligence operations conducted jointly by the MIT, Istanbul police teams, and the Chief Public Prosecutor's Office culminated in the morning arrest. Beyond the cash and precious metals, officers confiscated hardware tools, including cold wallets, graphics cards, and storage devices. The operation mirrors broader global enforcement efforts surrounding regulatory actions across international borders and asset confiscations.
SEC History and HEX Token Volatility
Heart, who gained notoriety for relentlessly flaunting extreme wealth online, previously faced action from the U.S. Securities and Exchange Commission (SEC). In 2023, the SEC charged Heart alongside Hex, PulseChain, and PulseX for allegedly conducting unregistered crypto asset securities offerings that raised more than $1 billion. The regulator accused Heart and PulseChain of fraud, alleging they misappropriated at least $12 million to purchase sports cars, luxury watches, and The Enigma—a 555-carat black diamond recognized as one of the largest black diamonds in the world. However, the U.S. federal case ended in 2025 when a judge dismissed the lawsuit on jurisdictional grounds, after which the SEC declined to amend its complaint.
Following public news of the Turkish arrest, HEX plunged nearly 50% from $0.00090 to $0.00046 on October 14 in under 24 hours. The token has since rebounded slightly, trading near $0.00060 as markets process the news, similar to price shocks seen during major illicit funds and wallet seizures.
Why It Matters
Heart's arrest demonstrates that dismissals on jurisdictional grounds in U.S. courts do not insulate crypto project founders from international law enforcement. The involvement of Finland's Interpol Red Notice highlights growing cross-border coordination among European and Middle Eastern intelligence agencies targeting digital asset executives. Investors should expect continued volatility across the HEX and PulseChain ecosystems as extradition proceedings and Turkish legal processes unfold.
