Key facts
- Richard Heart, founder of the Hex cryptocurrency, was detained in Istanbul on Wednesday.
- Turkish authorities acted on an Interpol Red Notice issued at Finland's request.
- The Red Notice cites aggravated tax fraud and alleged assault.
- Heart was detained with his wife.
- The U.S. SEC accused Heart in 2023 of raising over $1 billion in unregistered crypto offerings.
- The SEC's case was dismissed in February 2025 due to lack of jurisdiction.
Turkish police and intelligence officers detained Richard Heart, the founder of the Hex cryptocurrency, in Istanbul on Wednesday, according to Turkish media reports. The detention was based on an Interpol Red Notice issued at the request of Finland, which cited charges of aggravated tax fraud and alleged assault.
Heart, whose legal name is Richard James Schueler, was apprehended with his wife in an operation that followed a period of surveillance at his residence in the Beşiktaş district. Authorities reportedly seized multiple electronic devices, firearms, drones, jewelry, and a significant amount of cash in various currencies.
An Interpol Red Notice serves as a request to law enforcement agencies worldwide to locate and provisionally arrest an individual pending extradition or other legal proceedings. It is not an international arrest warrant.
In 2023, the U.S. Securities and Exchange Commission had charged Heart and entities he controlled, including Hex, PulseChain, and PulseX, alleging they conducted unregistered offerings of crypto asset securities that raised over $1 billion. The SEC also accused Heart of misappropriating at least $12 million of investor funds for personal luxury purchases. However, a federal judge dismissed the SEC's complaint in February 2025, ruling that the activities were not clearly aimed at U.S. investors. The SEC chose not to amend the complaint by the given deadline, ending the case.