Richard Heart, founder of the Hex cryptocurrency project, was arrested in Istanbul on Wednesday, according to Turkish news outlet Haberler. The arrest comes nearly two years after Finland issued an Interpol Red Notice for Heart, whose legal name is Richard James Schueler.
During the morning raid conducted by Istanbul's National Intelligence Organization and local Beşiktaş police, authorities seized $4 million in cash, 64 luxury watches, guns, computers, crypto mining equipment, and electronic devices. Euronews reported that the weapons cache included three handguns, four rifles, seven magazines, 1,360 rounds of ammunition, and a dagger.
The operation was coordinated by Istanbul's Chief Public Prosecutor's Office Financial Crimes Division, Interpol, and the National Intelligence Organization. Investigators examined Schueler's alleged international fraud network based in Istanbul with additional offices across the United States, Finland, and Spain.
Background and Charges
Finland's Interpol Red Notice, issued in December 2024, alleges aggravated tax fraud involving hundreds of millions of euros in unpaid taxes. Finland also alleges that Schueler assaulted a minor in 2021.
In 2023, the U.S. Securities and Exchange Commission accused Heart of selling over $1 billion in unregistered securities and misappropriating millions of dollars from his Hex, PulseChain, and PulseX crypto projects. The SEC alleged he used $12 million from these projects to purchase sports cars, watches, and a 555-carat black diamond called "The Enigma." That lawsuit was dismissed in 2025 after the SEC failed to establish legal jurisdiction.
Investigators also examined suspected crypto mixer transactions through which Heart allegedly attempted to obfuscate $500 million worth of cryptocurrency.
