Richard Heart detained: the charges and what comes next

Richard Heart (legal name Richard James Schueler), the founder of HEX, PulseChain and PulseX, was detained in Istanbul on the morning of October 14, Turkish media report. He had been wanted for almost two years under an Interpol Red Notice issued at Finland's request, where he is suspected of aggravated tax evasion and assaulting a teenager. The market reacted immediately: HEX fell 29% in 24 hours. Turkish and Finnish authorities have not officially confirmed the detention.

What we know now

• Heart was detained at his home in Istanbul's Beşiktaş district in a joint operation by Turkey's MİT intelligence agency and Istanbul police, Daily Sabah reports, citing the IHA news agency. His wife, identified by the initials A.K., was detained with him.
• Turkish outlets say police seized cash, dozens of luxury watches, firearms and electronics. The figures differ between outlets and are unverified (details below).
• As of 10:00 AM ET there was no official statement from Istanbul police or prosecutors, Finnish authorities, or Heart himself.
• No Turkish charges have been announced: the basis for the detention is Finland's request via Interpol. A Turkish court will now handle the extradition question.
• As of 9:50 AM ET, HEX on Ethereum was down 29.2% over 24 hours and PLS was down 1.1%, per CoinGecko.

Who he is and what he is accused of

Richard Heart is an American entrepreneur who launched the HEX token in 2019, followed by the PulseChain blockchain and the PulseX exchange. He has long been one of crypto's most polarizing figures, pitching HEX as a high-yield blockchain take on a certificate of deposit while flaunting his watches, diamonds and cars.

Finland. In September 2024 a Finnish court ordered Heart remanded in custody in absentia, and in December Interpol issued a Red Notice at Finland's request, Cointelegraph reported, citing broadcaster Yle. He is suspected of aggravated tax evasion between June 2020 and April 2024 and of assaulting a 16-year-old in February 2021. According to BeInCrypto, he was also placed on Europol's most-wanted list.

United States. In July 2023 the SEC charged Heart over unregistered offerings of HEX, PulseChain and PulseX that raised more than $1 billion and the misuse of at least $12 million on luxury goods. A court dismissed the case in 2025 for lack of sufficient US ties, without ruling on the merits. Heart remained a fugitive in the Finnish case.

Heart has denied wrongdoing. Neither he nor his lawyers have commented since the detention.

How the detention unfolded

According to Daily Sabah, Heart's address had been under technical and physical surveillance. MİT, the Istanbul police intelligence branch and its financial crimes unit took part; Turkish site Uzmancoin also mentions special operations officers. The operation was run under the Istanbul Chief Public Prosecutor's Office, Bitcoin.com adds.

Lists of what was seized differ, and none has been officially confirmed:

• Uzmancoin: 3 pistols, 4 rifles, 7 magazines, 1,360 rounds of ammunition, luxury watches, a cash-counting machine and about $4 million in cash; computers and storage devices are being examined.
• Sözcü (as summarized by Bitcoin.com): $4 million in cash and 64 luxury watches; other Turkish outlets cite 53 Rolex and 11 Patek Philippe watches.
• Other accounts give a smaller cash figure: $600,000, €2,600 and 50,000 Turkish lira.
• Daily Sabah lists about a dozen phones, laptops, graphics cards, two drones, gold bracelets and a "large amount" of cash with no exact figure.

Timeline

• Sept. 13, 2024. A Finnish court orders Heart remanded in custody in absentia (per Yle, as reported by Cointelegraph).
• December 2024. Interpol issues a Red Notice at Finland's request; HEX falls nearly 30% over the week.
• 2025. A US court dismisses the SEC's case against Heart for insufficient US ties.
• Oct. 14, 2026, morning. Police and MİT raid Heart's address in Beşiktaş; Heart and his wife are detained.
• Oct. 14, 6:48 AM ET. Daily Sabah, citing IHA, reports the detention of Richard James Schueler, an "Interpol-wanted crypto fugitive."
• Oct. 14, 9:00 AM ET. Bitcoin.com: no official confirmation from Turkey or Finland; seizure figures conflict.
• Oct. 14, 9:50 AM ET. HEX on Ethereum is down 29.2% in 24 hours, PLS down 1.1% (CoinGecko).

What comes next: court and extradition

A Red Notice is not an arrest warrant but an Interpol request to locate and provisionally detain someone pending extradition; local law decides the rest. After such a detention, a Turkish court typically rules on whether the person stays in custody while the other country's request is reviewed, and then on whether to extradite. Turkey and Finland are both parties to the European Convention on Extradition, and Finland has granted Turkish extradition requests before, Yle reported in 2023.

The firearms and cash are a separate question: if Turkish prosecutors bring their own charges, extradition could take longer. No timelines have been announced.

What it means for token holders

HEX, PulseChain and PulseX run as smart contracts and a blockchain and do not technically depend on Heart. But the projects are built around him, and the market reacts sharply to news about him: the Red Notice cost HEX nearly 30% in a week in December 2024, and the detention 29% in a day on October 14. HEX trading volume is thin, so the price could swing hard on the next headlines about custody, charges or extradition.

This is not investment advice.

This story is developing: we are following events and adding new information. Last updated Oct. 14, 10:00 AM ET.