Turkish media reported that Richard Heart, the founder of HEX, Pulsechain, and Pulsex, was detained in Istanbul on October 14 following a dawn raid by Turkish intelligence and police. The operation targeted a residence in the Beşiktaş district and involved Turkey's National Intelligence Organization (MİT) alongside Istanbul police and the Istanbul Chief Public Prosecutor's Office.
Turkish publications reported that authorities also detained a woman identified as Heart's wife. Financial crimes investigators, Interpol personnel and special operations officers reportedly participated in the operation. However, neither Turkish nor Finnish officials had independently confirmed the detention through public statements at the time of reporting.
Seized Assets
Turkish media accounts described a substantial seizure of items from the residence. Reports indicated the discovery of 53 Rolex watches and 11 Patek Philippe timepieces, along with gold jewelry, computers, storage devices and cryptocurrency-related equipment. Firearms, including pistols and long guns, were also reported to have been found.
Cash seizures were described inconsistently across reports, with some publications citing approximately $4 million, while others referenced $600,000, 2,600 euros and 50,000 Turkish lira. Images circulated by Turkish journalists showed stacks of currency, luxury watches and electronics, though precise inventory and valuations have not been independently authenticated.
Background of Investigation
The operation followed an Interpol Red Notice issued in December 2024 at the request of Finnish authorities. Finnish investigators have been investigating Heart over allegations of aggravated tax evasion and assault, and secured an arrest warrant in absentia. The tax investigation concerns alleged unpaid obligations related to cryptocurrency income.
Finnish authorities previously seized approximately 20 luxury watches valued at roughly $2.6 million from a property in Espoo. The investigation placed Heart on Europol's most-wanted list.
U.S. Regulatory Action
In July 2023, the U.S. Securities and Exchange Commission accused Heart and associated entities of conducting unregistered securities offerings that raised more than $1 billion. The SEC also alleged that at least $12 million was diverted toward luxury purchases. That civil case was dismissed in 2025 over insufficient jurisdictional connections to the United States, though the dismissal did not resolve the underlying allegations on their merits.
