HEX and PulseChain Founder Richard Heart Detained in Istanbul

Turkey's intelligence agency MİT and Istanbul police detained Richard Heart (legal name Richard James Schueler), the founder of HEX, PulseChain and PulseX, on the morning of October 14, Turkish media reported, citing the IHA news agency. Heart was wanted under an Interpol Red Notice issued at Finland's request. Neither Turkish nor Finnish authorities had issued an official statement at the time of publication.

The details

According to Daily Sabah, Heart's address in Istanbul's Beşiktaş district had been under surveillance before the raid. His wife, identified by the initials A.K., was detained with him. The operation was carried out by Istanbul police's intelligence and financial crimes units with support from MİT.

Accounts of what was seized differ. Sözcü reported $4 million in cash, 64 luxury watches, firearms and electronics; other outlets cite 53 Rolex and 11 Patek Philippe watches, pistols and rifles, phones, laptops, graphics cards and drones, and the cash figures also vary, Bitcoin.com notes. None of these figures has been independently verified.

Interpol issued the Red Notice in December 2024 at Finland's request; according to BeInCrypto, Finnish authorities suspect Heart of aggravated tax evasion and assault, and a Finnish court issued an arrest warrant in absentia. In the US, the SEC charged Heart in 2023 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 that case in 2025 for lack of sufficient US ties, without ruling on the merits.

What it means for the market

The market reacted sharply: as of 9:45 AM ET, HEX on Ethereum was down 29.5% over 24 hours and HEX on PulseChain down 50.2%, per CoinGecko. The PLS token barely moved (−1.1%). The key question now is extradition: a Turkish court decides whether to hand him over to Finland. We are following the story and will update it.

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