Turkish authorities arrested Richard James Schueler, known as Richard Heart, in an Istanbul operation targeting an internationally wanted crypto figure. Heart was detained on Wednesday morning along with his wife, according to local media reports and a confirmation from Turkey's Justice Minister Akın Gürlek.
The operation involved Turkey's National Intelligence Organization (MIT) and Istanbul police teams, including the Chief Public Prosecutor's Office. Heart was located in the Beşiktaş district after security and intelligence units tracked his movements through technical and physical surveillance. He was wanted under an Interpol Red Notice issued at Finland's request.
Authorities seized over $7 million in cash in multiple currencies, mobile phones, laptops, graphics cards, solid-state drives, firearms, ammunition, drones, and gold jewelry during searches at the property.
Prior Legal Actions
Heart's arrest follows years of legal difficulties connected to his crypto ventures. In 2023, the US Securities and Exchange Commission charged him and three entities he controlled—Hex, PulseChain, and PulseX—over allegedly unregistered crypto asset securities offerings that raised more than $1 billion from investors. The SEC also accused Heart and PulseChain of fraud, alleging they misappropriated at least $12 million in offering proceeds to purchase luxury items, including sports cars, expensive watches, and a 555-carat black diamond known as The Enigma.
The SEC lawsuit was dismissed in 2025 after a US federal judge ruled on jurisdictional grounds. The SEC subsequently declined to amend its complaint.
Market Impact
Following news of Heart's arrest, the HEX token declined sharply, dropping nearly 50 percent from $0.00090 to $0.00046 on October 14 within 24 hours. The token has since recovered and is currently trading near $0.00060.
