Turkey Confirms Arrest of Hex Founder Richard Heart, Seizes Cash and Cold Wallets

Turkish Justice Minister Akın Gürlek confirmed on Saturday that Hex and PulseChain founder Richard Heart was detained in Istanbul on Oct. 14. Heart, whose legal name is Richard James Schueler, was picked up with his wife in an operation in the Beşiktaş district. Police later detained three more people believed to be his bodyguards. The operation was run by Istanbul’s chief prosecutor’s office with the city police’s intelligence and financial crimes units, backed by the national intelligence agency MİT.

What Police Seized in Turkey

Searches at 15 addresses across Beşiktaş, Üsküdar and Sarıyer turned up $7.15 million in cash and six cold wallets. Officers also found 160,000 Turkish lira, 28 watches, 97 pieces of jewelry, 300 bags and 19 graphics cards, along with four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition. Gürlek said legal proceedings and the review of seized items are still going on. Anadolu reported that nine vehicles registered to Heart’s wife were impounded. Earlier Turkish media reports had put the cash at $4 million and the watches at 64. Hex, the Ethereum-based token he launched in 2019, dropped about 14% in 24 hours.

Interpol Red Notice and US Case

Heart has been the subject of an Interpol Red Notice issued for Finland since December 2024, where authorities want him over suspected gross tax evasion and assault. Gürlek tied the notice to allegations of $1 billion in crypto fraud in the US and Finland. A US federal judge dismissed the SEC’s lawsuit in February 2025 on jurisdictional grounds, and the agency chose not to refile that April. Gürlek did not say whether Turkey has received an extradition request.