Richard Heart, the founder of HEX, PulseChain and PulseX, was arrested on October 14, 2026, in a dawn raid in Istanbul's Beşiktaş district, according to Turkish media reports. His wife, identified only as A.K., was detained alongside him.
The operation was carried out jointly by Turkey's National Intelligence Organization and Istanbul police, with financial crimes units and Interpol also involved, coordinated by the Istanbul Prosecutor's Office. The arrest followed an Interpol Red Notice requested by Finland in December 2024, tied to an investigation into aggravated tax evasion. Richard James Schueler, who goes by Richard Heart, has built a public profile around the three crypto projects, none of which are regulated or headquartered in the European Union.
Turkish outlets have given differing accounts of what was seized during the raid. Sözcü, citing TV100, reported approximately $4 million in cash along with 64 luxury watches, comprising 53 Rolex and 11 Patek Philippe pieces. İhlas Haber Ajansı (IHA) put the cash figure lower, at $600,000, plus €2,600 and 50,000 Turkish lira, alongside 24 watches. IHA also reported the seizure of three pistols, four rifles, seven magazines, 1,360 rounds of ammunition, a knife and other items. Both reports describe the recovery of gold jewelry and numerous electronic devices, including phones, computers, graphics cards and drones.
A recurring legal history
This is not Heart's first encounter with regulators. The US Securities and Exchange Commission sued him in 2023 over unregistered offerings that the agency said raised more than $1 billion. That case was dismissed in 2025 for lack of jurisdiction. Some reports have also referenced a separate assault case from 2021, though it is not confirmed whether this is connected to the current Interpol Red Notice.
For European observers, the Finnish request underscores how tax authorities within the EU are increasingly willing to pursue cross-border enforcement against crypto founders who have built large followings and substantial wealth through token projects marketed globally but with limited regulatory oversight.
Market reaction
The news hit the HEX token hard. Its price dropped 27% in the 24 hours following the arrest, reflecting investor concern over the fate of a project closely tied to its founder's public persona and continued involvement. PulseChain and PulseX, the other two projects associated with Heart, have not had price movements detailed in available reporting.
No further details have been disclosed regarding Heart's current legal status in Turkey or any extradition proceedings that may follow the Interpol Red Notice.
