TheBlock
Turkish media report that Richard Heart, founder of HEX and PulseChain, was taken into police custody in Istanbul during a joint operation by Turkish intelligence agency MİT and local police. Authorities reportedly seized $4 million in cash, 64 high-end watches and electronic devices at a residence in the Beşiktaş district.
Why it matters
Heart is sought by Finnish authorities over alleged aggravated tax fraud, according to an Interpol Red Notice. The Turkish reports also cite allegations brought by the U.S. Securities and Exchange Commission, but that case ended after a judge dismissed the lawsuit in February 2025 and the SEC declined to amend its complaint in April, citing insufficient evidence.
The reports of detention have renewed scrutiny of projects closely associated with Heart. His custody status was not confirmed by Istanbul police or Interpol in the account of the reporting.
Market impact
HEX fell 25% and was trading at fractions of a cent after the reports. The token had already lost more than 99% from its 2021 peak of about $0.44. PulseChain’s PLS dropped 35% over 24 hours and was nearly 98% below its 2023 launch level.
The sharp moves show how news about a prominent project founder can hit tokens tied to that figure, especially after prolonged declines. The reported detention is not a finding of guilt, and the Turkish reports do not change the outcome of the dismissed SEC case.
Frequently asked questions
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What did Turkish media report authorities seized?
They reported that authorities seized $4 million in cash, 64 high-end watches and electronic devices at a residence in Istanbul.
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What allegations are associated with the Interpol Red Notice for Heart?
The Red Notice says Finnish authorities are seeking Heart in connection with alleged aggravated tax fraud.
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What was the outcome of the SEC case involving Heart?
A judge dismissed the lawsuit in February 2025, and the SEC declined to amend its complaint in April, citing insufficient evidence.
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How did HEX and PulseChain's PLS react to the detention reports?
HEX fell 25% and PLS dropped 35% over 24 hours after the reports.
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How far were HEX and PLS below their respective past levels?
HEX was down more than 99% from its 2021 high of about $0.44. PLS was nearly 98% below its 2023 launch level.
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