Richard Heart, founder of HEX and PulseChain, was taken into custody in Istanbul on Wednesday in a joint operation by Turkey’s National Intelligence Organization (MIT) and local police, according to Turkish media reports. Heart, whose legal name is Richard James Schueler, was detained at a residence in the Beşiktaş district.
Authorities reportedly seized $4 million in cash, 64 high-end watches, electronic devices and, according to some reports, firearms. The watches are consistent with luxury items Heart has previously flaunted, including a 2022 video in which he displayed 32 watches he claimed were worth $10 million.
Heart is subject to an Interpol Red Notice issued in connection with alleged aggravated tax fraud sought by Finnish authorities. Turkish reports also referenced a U.S. Securities and Exchange Commission case, but that matter ended after a judge dismissed the lawsuit in February 2025 and the SEC declined to amend its complaint in April.
Crypto tokens associated with Heart reacted sharply. HEX, already down more than 99% from its 2021 all-time high near $0.44, fell another 25% and is trading for fractions of a cent. PulseChain’s PLS token dropped 35% in 24 hours and is down nearly 98% since inception. The Block has reached out to Istanbul police and Interpol for confirmation.
