Key Highlights
- HEX, PulseChain, and PulseX founder Richard Heart, whose legal name is Richard James Schueler, was detained in Istanbul on October 14, 2026, along with his wife, in a joint operation by Turkish police and the intelligence agency MIT.
- The arrest comes after an Interpol Red Notice issued at Finland’s request over alleged aggravated tax fraud and possible assault charges.
- Authorities reportedly seized cash, luxury watches, firearms, and electronic devices, though the exact amount is not clear yet. Following the arrest of the founder, HEX token suffered a major drop despite the official confirmation from Turkish or Finnish authorities remaining pending.
According to the Turkish media, Richard Heart, the founder of the HEX and PulseX cryptocurrency projects, was detained in Istanbul on October 14, 2026. Turkish police and the National Intelligence Organization, known as MIT, carried out the operation at a residence in the Beşiktaş district. His wife, identified only by the initials A.K., was also taken into custody.
Heart’s legal name is Richard James Schueler. The detention stems from an Interpol Red Notice issued at the request of Finnish authorities. Finland has sought him since late 2024 in connection with alleged aggravated tax fraud.
Authorities had monitored the Beşiktaş district before the morning raid. The operation involved Istanbul police intelligence and financial crimes units, coordinated with the Chief Public Prosecutor’s Office and Interpol. According to some sources, Heart and his wife were detained together.
Accounts of items seized during the search differ across Turkish media. Police have reportedly recovered approximately $4 million in cash and 64 luxury watches, along with jewellery, firearms, electronic devices, and crypto-related equipment. However, the figure of recovered assets is still not clear.
Mobile phones, laptops, and graphics cards were also mentioned. Turkish authorities have not issued an official public confirmation of the exact inventory or Heart’s current custody status.
Background of HEX Founder and Prior Legal Proceedings
Interpol published the Red Notice for Heart in December 2024 at Finland’s request. Finnish authorities have investigated alleged tax discrepancies involving substantial sums. A Finnish court had previously ordered him remanded in custody in absentia in 2024 related to the tax probe.
Separately, in 2023, the U.S. Securities and Exchange Commission charged Heart and entities linked to HEX, PulseChain, and PulseX with conducting unregistered offerings that raised more than $1 billion from investors. The SEC also alleged misappropriation of funds. A U.S. court later dismissed the case in 2025, citing lack of jurisdiction.
Heart launched HEX in late 2019, promoting it as a high-yield certificate of deposit-style product on the blockchain. He later introduced PulseChain, an Ethereum-compatible network, and the PulseX exchange. The projects attracted significant attention and controversy within the crypto community.
News of the detention triggered sharp declines in related tokens. HEX fell over 30% in just a few hours after the reports circulated. PulseChain’s native token also dropped. HEX was already trading far below its 2021 peak.
As of the latest report, neither Turkish nor Finnish authorities had issued detailed official statements confirming the detention or outlining next steps such as possible extradition proceedings. Heart and his representatives had not publicly commented at the time of initial coverage. The situation remains fluid pending further official information.
Heart’s detention comes amid a series of high-profile enforcement actions against alleged crypto fraud, hacks and related schemes, such as the Bitget hack. In mid-October 2026, the Brooklyn District Attorney’s Virtual Currency Unit, working with the FBI, disrupted a multinational cryptocurrency investment scam network based in Eastern Europe. Authorities shut down 241 websites and seized 112 computer servers used in the operation. The scheme had targeted mainly Russian-speaking victims in the United States through social media advertisements and fake investment advisers.
Amid the rise in the adoption of crypto, the number of crypto scams and hacks is growing. For example, crypto hack losses exceeded $768.5 million in September.
