Turkish intelligence officers from MIT and Istanbul police have detained HEX and PulseChain founder Richard Heart in the Beşiktaş district of Istanbul, following an Interpol Red Notice issued at Finland's request in December 2024.
Media Reports Details Seized Luxury Goods and Weapons
Officers tracked Heart, whose legal name is Richard James Schueler, to a residence in Beşiktaş, where his wife was also taken into custody. Turkish media outlets reported conflicting details regarding the assets seized during the raid.
According to Daily Sabah (citing Ihlas News Agency), authorities confiscated 53 Rolex watches, 11 Patek Philippe watches, approximately $4 million in vacuum-sealed cash, phones, laptops, graphics cards, rifles, pistols, two drones, and gold bracelets. In contrast, Euronews Türkçe reported that police seized 24 watches, $600,000, €2,600, 50,000 Turkish lira, and 1,360 rounds of ammunition.
Finnish Tax Evasion Allegations and Token Reaction
Finnish police suspect Heart of evading several hundred million euros in taxes between June 2020 and April 2024, leading to him being remanded in absentia in September 2024. Europe's most-wanted list also notes allegations that he punched a 16-year-old in the face and head. Separately, the SEC accused Heart in 2023 of raising over $1 billion via unregistered token sales, but a US judge dismissed that case in 2025 after ruling his marketing did not target Americans.
Following reports of his detention, market reactions split across his affiliated assets. PulseChain (PLS) dropped 44% over 24 hours, while HEX (HEX) increased 3.9%. Official confirmation from Turkish or Finnish authorities remains pending as extradition proceedings are evaluated. Cross-border law enforcement actions against crypto operators have increasingly tested international jurisdictions, much like recent legal disputes where the UK High Court ruled on foreign legal claims.
Key Takeaways
- Richard Heart (Richard James Schueler) was detained in Istanbul under an Interpol Red Notice active since December 2024.
- Finnish authorities allege Heart evaded several hundred million euros in taxes from June 2020 to April 2024.
- Seized items included up to $4 million in cash, 53 Rolex watches, firearms, and ammunition.
- PulseChain (PLS) crashed 44% in 24 hours, whereas HEX (HEX) gained 3.9%.
Why It Matters
The detention of Richard Heart highlights the tightening reach of international criminal law enforcement over cryptocurrency founders operating globally. While Heart previously successfully defeated a civil US SEC enforcement action on jurisdictional grounds in 2025, criminal tax evasion charges and Interpol notices carry binding extradition mechanisms that present far greater legal jeopardy. Market participants should prepare for ongoing volatility across PLS and HEX tokens as formal extradition proceedings unfold between Turkey and Finland.
