Cryptocurrency entrepreneur Richard Heart, the founder of HEX, PulseChain and PulseX, has reportedly been detained in Istanbul, Turkey, in an operation linked to an Interpol Red Notice requested by Finnish authorities.
Heart, whose legal name is Richard James Schueler, was reportedly taken into custody on October 14 at a residence in Istanbul's Beşiktaş district. Turkish media reports said the operation involved Turkey's National Intelligence Organization (MİT) and Istanbul police.
Arrest Linked to Finnish Investigation
The reported detention stems from an Interpol Red Notice issued at Finland's request. Finnish authorities have been seeking Heart in connection with allegations including aggravated tax fraud.
Interpol's Red Notice was issued in 2024. Importantly, a Red Notice is not an international arrest warrant. It is a request to law-enforcement authorities in member countries to locate and provisionally detain a person while extradition or other legal proceedings are considered under local law.
Reports have also linked Heart to a separate Finnish allegation involving an assault. The allegations remain allegations, and Heart has not been convicted of the reported offenses.
Cash, Watches and Weapons Reportedly Seized
Turkish media reports said authorities searched Heart's residence during the operation and seized various assets and electronic equipment.
Reports differed on the exact items and amounts. The Block, citing Turkish reports, said authorities seized approximately $4 million in cash, 64 luxury watches and electronic devices. Other reports listed mobile phones, laptops, graphics cards, drones, jewelry and firearms.
The seizure figures had not been independently confirmed by Turkish authorities in the reports available at the time of publication, and different Turkish outlets have provided differing accounts of what was recovered.
Heart's wife was also reportedly detained during the operation.
Who Is Richard Heart?
Heart is a prominent but controversial figure in the cryptocurrency industry. He launched HEX, a cryptocurrency marketed as a blockchain-based high-yield certificate of deposit, before later launching PulseChain, an Ethereum-based blockchain, and PulseX, a decentralized exchange associated with the PulseChain ecosystem.
His projects have attracted a substantial online following, while Heart has become known for publicly displaying luxury watches, cars, jewelry and other expensive possessions.
The reported detention immediately drew attention within the cryptocurrency market because of the close association between Heart and the projects he founded.
HEX and PulseChain Tokens React
HEX and PulseChain's PLS token reportedly fell sharply following news of Heart's detention.
CoinMarketCap reported that HEX had fallen roughly 40% over 24 hours as the reports spread, while PLS had declined by roughly 36%. Other market trackers reported different percentages depending on the timing and trading venue.
The market reaction reflects the extent to which Heart remains associated with the cryptocurrency ecosystems he created, even though the underlying blockchain networks operate through decentralized software and smart contracts.
Separate From the SEC Case in the United States
Heart's detention in Turkey is separate from a civil enforcement case previously brought against him by the U.S. Securities and Exchange Commission.
In 2023, the SEC accused Heart and entities connected to HEX, PulseChain and PulseX of conducting unregistered crypto-asset offerings that raised more than $1 billion. The regulator also alleged that at least $12 million in investor funds was used to purchase luxury goods.
However, a U.S. federal judge dismissed the SEC's case in February 2025, ruling that the agency had not established sufficient jurisdiction over Heart's conduct. The SEC subsequently declined to amend its complaint, bringing that case to an end.
The dismissal did not resolve the separate Finnish allegations that underpin the Interpol notice.
Extradition Could Become the Next Major Issue
The immediate legal question is what happens to Heart after his reported detention in Turkey.
An Interpol Red Notice itself does not determine extradition. Turkish authorities and courts would have to handle any formal extradition request according to Turkish law and applicable international agreements.
As of the latest reports, it was not clear whether Finland had formally submitted an extradition request to Turkey or what timetable would apply if one is made.
The lack of an official confirmation from Turkish or Finnish authorities also means that some details surrounding the reported detention and seizure remain subject to verification.
For HEX and PulseChain users, meanwhile, the incident adds another major source of uncertainty around projects whose public identity has been closely linked to their founder.
