HEX Founder Richard Heart Detained in Istanbul Police Raid

HEX founder Richard Schueler, widely known as Richard Heart, was detained by authorities in Istanbul during an early morning raid on October 14, according to Cointelegraph. The HEX market cap fell from $561 million to $315 million following the operation.

Police Seizures and Interpol Notice

According to Turkish Justice Minister Akın Gürlek, police seized $7.15 million in cash, firearms, and ammunition during searches across 15 related addresses in Istanbul's Beşiktaş district. News agency Anadolu reported that authorities impounded nine luxury vehicles registered to Schueler’s wife, alongside 28 watches, 300 bags, and 19 graphics cards. Interpol issued a Red Notice for Schueler two years ago following an arrest request by Finnish authorities over allegations of tax fraud and assault.

Media Coverage and Legal Context

Turkish media have referred to Schueler as “Whale James” and linked him to a $1 billion unregistered securities offering in the United States, a case that was dismissed by a US judge in February 2025. Circulation of images appearing to show Heart without trousers during the detention drew widespread social media attention. Hex supporters have stated that authorities have yet to confirm if Schueler has been formally arrested or charged.

Key facts

• HEX market cap dropped from $561 million to $315 million following the detention.
• Richard Schueler was detained in Istanbul on October 14 during early morning raids across 15 addresses.
• Police seized $7.15 million in cash, firearms, ammunition, nine luxury vehicles, 28 watches, 300 bags, and 19 graphics cards.
• Interpol previously issued a Red Notice for Schueler two years ago over tax fraud and assault allegations.