Turkish officials confirmed the HEX founder arrest of Richard Heart in Istanbul after a police operation. Investigators seized $7.15 million in cash, six cryptocurrency cold wallets, and numerous luxury items during searches across the city.
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Justice Minister Akın Gürlek announced the detention on October 17. He said officers arrested Heart, whose legal name is Richard James Schueler, and his wife on October 14 in Beşiktaş.
Police later detained three alleged bodyguards. A Finnish-requested INTERPOL notice preceded the HEX founder arrest.
How Did Turkish Police Carry Out the HEX Founder Arrest?
The chief prosecutor of Istanbul coordinated the operation through intelligence and money laundering departments. Turkey’s national intelligence agency called MİT was also involved in the investigation.
Heart was discovered in Istanbul prior to the arrests. The minister attributed the arrest of the HEX founder to the arrest of the international fugitives. Arrest operations were carried out by searching 15 locations in Beşiktaş, Üsküdar, and Sarıyer districts of Istanbul.
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What Did Investigators Seize During the Searches?
Cash worth $7.15 million and 160,000 Turkish liras was recovered by police. They also seized six cold wallets used for keeping cryptocurrency access information offline.
Among the items seized in connection with the HEX founder arrest were 28 watches, 97 jewelry items, and 300 bags. Also seized were 100 pairs of shoes and 136 pairs of glasses.
Electronic items seized included 29 mobile phones, 12 laptops, and 19 graphics cards. Police also seized 19 storage drives, 46 USB drives, and 11 computer cases. Amounts stored in the six wallets seized could not be revealed.
The searches in connection with the HEX founder arrest also turned up four rifles with long barrels, three illegally held pistols, and 1,400 rounds of ammunition. According to Gürlek, there are ongoing investigations into the material seizures.
According to the state-run news agency Anadolu, police seized nine cars that belonged to the wife of Heart. Earlier reports indicated lower amounts of cash and fewer watches.
Why Was the HEX Founder Sought Internationally?
HEX Founder Arrest Highlights INTERPOL Red Notice Filed by Finland in December 2024. The Finnish police were after Heart due to charges of gross tax evasion and assault.
The Gürlek statement was made in connection with a case of alleged fraud worth $1 billion in the United States and Finland. The above is as stated by the minister and does not prove criminal conviction.
An INTERPOL Red Notice calls for the wanted individual to be located and arrested. This does not make up an international arrest warrant on its own. The minister failed to mention whether there was an extradition request from Turkey. Court cases continue to date.
What Happened to the Previous US SEC Case?
Heart was sued by the Securities and Exchange Commission in 2023 for its actions concerning HEX, PulseChain, and PulseX coin sales. The SEC made charges concerning the unregistered sale of securities and misappropriation of funds from investors. These charges included diverting at least $12 million for personal luxury spending.
In February 2025, a U.S. federal judge dismissed the case due to lack of personal jurisdiction. This decision did not determine the truthfulness of the allegations.
In April 2025, the SEC refused to make amendments to the complaint. In this way, the U.S. civil case came to an end while the Finnish accusations remained open.
How Did HEX React to the Detention?
The HEX founder arrest occurred at the same time the ETH-backed token fell. The market report from October 17 mentioned the fall of about 14 percent in 24 hours based on CoinGecko figures. This number is a snapshot and not an official closing figure.
Heart founded HEX back in 2019 and then created PulseChain and PulseX. Turkish authorities are still evaluating the evidence that has been seized. There is no decision regarding extradition made yet.
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