Richard Heart Arrested in Istanbul: Crypto Founder Faces Red Notice

Richard Heart, the founder of HEX, PulseChain, and PulseX, was reportedly detained in Istanbul on October 14, 2026, nearly two years after Finland sought an Interpol Red Notice for him. 

The detention has been reported by Turkish outlets and picked up by international crypto media, but as of publication there is no official Turkish confirmation, no public indictment, and no statement from Heart or his representatives. Everything below about the allegations is just that: allegations. No court has found him guilty of anything in connection with this case.

Key Takeaways

• Turkish media reported that Heart, whose legal name is given as Richard James Schueler, was detained on the morning of October 14, 2026 at a residence in Istanbul's Beşiktaş district in an operation involving Turkey's intelligence agency MİT and local police.

• The reported legal basis is an Interpol Red Notice requested by Finland over alleged aggravated tax fraud. A Red Notice asks law enforcement worldwide to locate and provisionally arrest a person; it is not an arrest warrant, a charge, or proof of guilt.

• HEX fell about 25% and PLS about 35% on the news, though both tokens were already down more than 98% from their peaks. Seizure figures reported from the raid conflict between outlets and remain unverified.

What Happened in Istanbul

According to Turkish media cited by The Block, Protos, and Daily Sabah, a joint operation by MİT and Istanbul police detained Heart after a period of surveillance of the Beşiktaş address. Reports say his wife was detained alongside him. Heart was reportedly taken to police headquarters for questioning.

Reports of what was seized differ. Some Turkish outlets, including Sözcü and Haberler, reported about $4 million in cash and 64 luxury watches. Others, citing the Ihlas News Agency and Euronews, reported about $600,000 in cash and 24 watches. 

Both accounts also mention electronics such as phones, laptops, drives and drones, and firearms and ammunition. Because no prosecutor's inventory has been published, the figures are best treated as unconfirmed. A seizure on its own also does not establish that anything was unlawfully acquired.

The Block contacted Istanbul police and Interpol and had received no response at publication. No statement from Heart, his legal team, or any of his projects had been found in the coverage reviewed.

Who Is Richard Heart?

Richard Heart is the public name of Richard James Schueler, a US-born entrepreneur and online personality who built a large following through livestreams and social media. The spelling of his surname varies across articles, so check the primary source for any name-based search.

He launched HEX in December 2019 on Ethereum, a token-locking system marketed as an alternative to certificates of deposit. He later launched PulseChain, a separate blockchain that went live in May 2023, along with PulseX, its decentralized exchange. 

The SEC said the three projects raised more than $1 billion in crypto. Heart became well known as much for his public persona and displays of wealth, including a collection of luxury watches he showed in a 2022 video, as for the projects themselves.

Why Is There a Red Notice?

In September 2024, Finland's Yle reported that Helsinki police suspected Heart of aggravated tax evasion involving several hundred million euros in allegedly unpaid taxes, plus a separate assault allegation. Police said the suspected tax offenses covered the period from June 2020 to April 2024, and that he had been remanded in custody in absentia on September 13, 2024, because authorities could not locate him. 

Finnish police said the suspicions relate to the launch and marketing of HEX and PulseChain, which they said were created and launched from Finland. Yle could not reach Heart for comment at the time, and no response from him was reported.

By December 2024, Interpol had issued a Red Notice at Finland's request, which was widely reported at the time. The Finnish allegations are separate from the earlier US securities case and have not been tested in a Finnish court.

What Happened With the SEC Lawsuit?

The SEC sued Heart and three entities he controlled in July 2023, alleging unregistered securities offerings that raised over $1 billion and claiming at least $12 million of proceeds were misused on luxury purchases. 

In February 2025, US District Judge Carol Bagley Amon dismissed the case on jurisdictional grounds, finding that Heart's activities were not clearly aimed at US investors. She did not rule on the fraud allegations themselves. 

In April 2025, the SEC declined to file an amended complaint, which ended the case. Heart's attorney, David Kirk, called the outcome "a complete victory." That description is the attorney's own characterization, and the dismissal was procedural, not a finding on the merits.

The SEC case is closed and is unrelated to the Finnish matter behind the Red Notice.

What Happens Next?

Several things are unknown as of publication:

• Custody status. Heart was reported to be in custody for questioning, but no official confirmation or Turkish court determination had been published.

• Extradition. No extradition request or timeline had been announced. Extradition is a legal process that typically involves court review in the country where a person is held, and it can take a long time.

• Charges in Turkey. No Turkish indictment was public on the day of the detention.

• Finnish proceedings. No Finnish conviction has been reported. The allegations remain unproven.

How Did Markets React?

Source: TradingView

HEX fell about 25% on the day of the reports, trading at fractions of a cent and already down more than 99% from its 2021 high of roughly $0.44. PLS fell about 35% over 24 hours and is down nearly 98% from its 2023 launch. 

For context, those declines happened on top of long-running drawdowns, so the reaction reflects headline risk acting on already depressed prices. Thin liquidity and sharp swings are common when a founder-linked token faces news like this.

As for how much Heart himself may have lost, no verified figure exists. Reports of his personal wealth, token holdings, and seized assets are unconfirmed, and any estimate should be treated as speculation.

What This Means for HEX and PulseChain Holders

This article is not investment advice, and a detention does not by itself determine the fate of either project. HEX and PulseChain are decentralized protocols with community participants, but a founder's legal situation can still affect sentiment, liquidity, and exchange or platform decisions. 

Anyone holding or trading these tokens should keep position sizes in line with the elevated headline risk, watch for official updates rather than social media rumor, and keep in mind that the situation is evolving. For general guidance on researching a token before acting on it, Bitrue's guide on how to verify a crypto contract address before buying a new token covers practical checks that apply to any project.

Conclusion

The reported detention of Richard Heart in Istanbul is a significant story for the HEX and PulseChain communities, but much of it rests on Turkish media reports that have not been officially confirmed, and the underlying Finnish allegations remain untested in court. 

The Red Notice, the conflicting seizure figures, and the closed US SEC case are all separate pieces of a picture that is still developing. Until Turkish or Finnish authorities publish details, or Heart responds, the responsible approach is to separate what is confirmed from what is alleged, and to avoid treating any of it as settled.

FAQ

Why was Richard Heart arrested in Turkey?

He was reportedly detained in Istanbul on October 14, 2026 on the basis of an Interpol Red Notice requested by Finland over alleged aggravated tax fraud. The detention has been reported by Turkish media and has not been officially confirmed in the coverage reviewed.

What is a Red Notice?

A Red Notice is an Interpol request to law enforcement worldwide to locate and provisionally arrest a person pending extradition or similar action. It is not an international arrest warrant and does not mean the person has been convicted.

Is Richard Heart being extradited to Finland?

No extradition request or timeline had been announced as of publication. Any extradition would typically go through legal proceedings in the country where he is held.

Was the SEC case against Richard Heart dismissed?

Yes. A US federal judge dismissed the SEC lawsuit in February 2025 on jurisdictional grounds, and the SEC declined to amend its complaint in April 2025. The dismissal did not rule on the merits of the fraud allegations.

What is Richard Heart's real name?

Reports give his legal name as Richard James Schueler, though the surname is spelled inconsistently across outlets.

How much did HEX and PulseChain fall after the news?

HEX fell about 25% and PLS about 35% over 24 hours around the reports, according to The Block. Both were already down more than 98% from their peaks.

Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.