TheBlock
Turkish Justice Minister Akın Gürlek confirmed Saturday that Hex and PulseChain founder Richard Heart was detained in Istanbul, with police seizing $7.15 million in cash and six cold wallets during related searches. Heart, whose legal name is Richard James Schueler, was picked up with his wife on Wednesday in the Beşiktaş district, and three suspected bodyguards were later detained as well. Istanbul's chief prosecutor ran the operation alongside the police's intelligence and financial crimes units, backed by Turkey's intelligence agency, MİT.
Searches at 15 addresses across Beşiktaş, Üsküdar and Sarıyer turned up 160,000 Turkish lira, 28 watches, 97 pieces of jewelry, 300 bags and 19 graphics cards, plus four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition. State agency Anadolu separately reported nine vehicles registered to Heart's wife were impounded. Judicial proceedings and examination of the seized materials are ongoing.
Why it matters
Gürlek linked Heart's Red Notice to allegations of $1 billion in crypto fraud spanning the U.S. and Finland. The notice was issued in December 2024 on Finland's behalf, where authorities suspect him of gross tax evasion and assault. Heart had earlier escaped the SEC's lawsuit, which a federal judge dismissed on jurisdictional grounds in February 2025, and the agency declined to refile that April. Gürlek did not say whether Turkey has received an extradition request, leaving the central question of where Heart answers these charges open.
Market impact
Hex, the Ethereum-based token Heart launched in 2019, fell about 14% over the past 24 hours per CoinGecko data, a familiar pattern for an asset whose price has historically tracked its founder's legal headlines. Traders will now watch whether Helsinki files a formal extradition request and how quickly Turkish judicial review moves.
Frequently asked questions
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Why was Richard Heart arrested in Istanbul?
Turkish authorities detained the Hex and PulseChain founder under a Red Notice issued in December 2024 on Finland's behalf, linked to allegations of $1 billion in crypto fraud across the U.S. and Finland, plus suspicion of gross tax evasion and assault in Finland.
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What did Turkish police seize from Richard Heart?
Police seized $7.15 million in cash, six cold wallets, 160,000 Turkish lira, 28 watches, 97 pieces of jewelry, 300 bags, 19 graphics cards, four long-barreled rifles, three unlicensed pistols, 1,400 rounds of ammunition, and impounded nine vehicles registered to his wife.
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Has Turkey received an extradition request for Richard Heart?
Justice Minister Akın Gürlek did not say whether Turkey has received an extradition request. Judicial proceedings and examination of the seized materials are ongoing.
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What happened to the SEC's case against Richard Heart?
A federal judge dismissed the SEC's lawsuit against Heart in February 2025 on jurisdictional grounds, and the agency declined to refile it that April.
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How did HEX react to Richard Heart's arrest?
Hex, the Ethereum-based token Heart launched in 2019, fell about 14% over the past 24 hours following news of the arrest, per CoinGecko data.
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