Hex Founder Richard Heart Detained in Istanbul

Turkish police and intelligence officers detained Hex cryptocurrency founder Richard Heart in Istanbul on Wednesday, according to Turkish media reports citing the IHA news agency. The arrest was executed under an Interpol Red Notice issued by Finland in 2024 on a charge of aggravated tax fraud.

Heart, whose legal name is Richard James Schueler, was taken into custody alongside his wife during an operation conducted by Istanbul police and Turkey's National Intelligence Organization in the Beşiktaş district. Authorities reportedly seized a dozen mobile phones, several laptops, graphics cards, rifles, pistols, two drones, gold bracelets, and a large quantity of cash in various currencies during the operation.

Regulatory and Legal Background

While the Interpol Red Notice lists aggravated tax fraud, Finnish authorities have also sought Heart over an alleged assault, and Daily Sabah described the notice as relating to high-value cryptocurrency fraud. Heart launched Hex in 2018, marketing the asset as a high-yield blockchain certificate of deposit.

The detention follows previous high-profile regulatory scrutiny in the United States. In 2023, the U.S. Securities and Exchange Commission charged Heart and entities he controlled—including Hex, PulseChain, and PulseX—with conducting unregistered crypto asset securities offerings that raised more than $1 billion. The agency also accused him of misappropriating at least $12 million of investor funds to acquire luxury items, including sports cars, watches, and a 555-carat black diamond.

A federal judge dismissed the SEC complaint in February 2025 due to a lack of jurisdiction, ruling that Heart's activities were not clearly targeted at U.S. investors. The SEC declined to amend the complaint by an April deadline, concluding the case.

Key facts

• Turkish police and intelligence officers detained Richard Heart in Istanbul on Wednesday.
• The arrest was based on an Interpol Red Notice issued by Finland in 2024 for aggravated tax fraud.
• Officers seized cash, electronics, firearms, drones, and jewelry at Heart's Beşiktaş address.
• A U.S. federal judge dismissed a prior SEC case against Heart and his entities in February 2025.