Turkish authorities have arrested Richard James Schueler, widely known as Richard Heart, in an Istanbul operation targeting an internationally wanted crypto fugitive. Heart was detained on Wednesday morning along with his wife, identified as A.K., according to local media. Justice Minister Akın Gürlek confirmed the arrest, which involved Türkiye’s National Intelligence Organization (MIT) and Istanbul police, including the Chief Public Prosecutor’s Office.
Heart was located in the Beşiktaş district after technical and physical surveillance. Authorities seized more than $7 million in cash in several currencies, mobile phones, laptops, graphics cards, SSDs, firearms, ammunition, drones, and gold bracelets and necklaces. He was wanted under an Interpol Red Notice issued at Finland’s request over allegations involving high-profile crypto fraud.
The arrest follows years of legal trouble. In 2023, the US Securities and Exchange Commission charged Heart and three entities he controlled — Hex, PulseChain and PulseX — over allegedly unregistered crypto asset securities offerings that raised more than $1 billion. The SEC also alleged fraud and misappropriation of at least $12 million for luxury purchases, including sports cars, watches, and a 555-carat black diamond called The Enigma. That case was dismissed in 2025 on jurisdictional grounds, and the SEC later declined to amend its complaint.
Following news of the arrest, HEX dropped nearly 50% from $0.00090 to $0.00046 on October 14 in less than 24 hours, before recovering to around $0.00060. Reports also indicate the detention is connected to a Finnish tax investigation separate from the earlier US securities dispute. A detention or international notice does not amount to a finding of guilt, and any extradition or trial would proceed under applicable legal processes.
For HEX and PulseChain investors, the case highlights the personal and legal risks tied to founder-led projects, and legal developments involving Heart can continue to affect market sentiment.
