Summary
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Turkish authorities detained HEX founder Richard Heart and four others in Istanbul, seizing $7.15 million and six cryptocurrency cold wallets.
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Police searched 15 Istanbul properties, confiscating luxury watches, jewelry, vehicles, firearms, ammunition, and computer equipment during the coordinated financial investigation.
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Heart’s detention involves international allegations linked to Finland, while HEX declined 14% and Turkish authorities examined seized assets and evidence.
Turkish authorities seized $7.15 million and six cold wallets during an Istanbul investigation involving HEX and PulseChain founder Richard Heart. Justice Minister Akın Gürlek confirmed the detention and detailed property recovered during searches across three districts.
According to Gürlek’s Saturday announcement, police detained Heart and his wife Wednesday in Istanbul’s Beşiktaş district. Officers subsequently detained three individuals identified as Heart’s bodyguards, bringing the total to five.
Heart, whose legal name is Richard James Schueler, faces scrutiny linked to an international notice requested by Finnish authorities. Istanbul prosecutors coordinated the operation with police intelligence and financial crimes units, supported by Turkey’s intelligence agency, MİT.
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Istanbul Searches Uncover Cash, Luxury Goods and Firearms
Investigators searched 15 addresses across Beşiktaş, Üsküdar and Sarıyer, recovering cash, valuables, weapons and computer equipment. Besides the $7.15 million, officers seized 160,000 Turkish lira, 28 watches, 97 jewelry pieces and 300 bags.
The searches also uncovered 19 graphics cards, four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition. State news agency Anadolu reported that police impounded nine vehicles registered to Heart’s wife.
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Earlier Turkish reports placed the cash seizure at $4 million and counted 64 watches. Gürlek’s subsequent figures substantially increased the reported cash total while identifying fewer watches.
HEX Falls as Authorities Examine International Allegations
Gürlek connected Heart’s Interpol Red Notice to allegations involving cryptocurrency fraud in the United States and Finland. Finland requested the notice in December 2024 over suspected aggravated tax evasion and assault.
Separately, American regulators previously brought a civil fraud lawsuit against Heart and associated cryptocurrency projects. A federal judge dismissed the Securities and Exchange Commission’s case in February 2025 on jurisdictional grounds.
The SEC declined to refile the lawsuit in April, leaving that particular American civil case closed. Meanwhile, HEX, Heart’s Ethereum-based token launched in 2019, fell approximately 14% over 24 hours, according to CoinGecko.
Turkish officials have not confirmed receiving an extradition request or announced domestic charges against Heart. Judicial proceedings remain underway while investigators examine the seized cash, cryptocurrency wallets,lets and other materials from the searches.
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