Richard Heart detained in Istanbul on Finnish request

Turkish police detained HEX founder Richard Heart in Istanbul on Oct. 14. Daily Sabah reported that day that the National Intelligence Organization and police teams captured Richard James Schueler, known as Richard Heart, along with his wife, identified only as A.K. The operation took place on Wednesday morning after surveillance of an address in the Besiktas district.

The detention rests on an Interpol Red Notice issued at the request of Finland. Daily Sabah linked the notice to claims of tax fraud and assault, and said security units traced the suspect to Istanbul. Unchained reported on Oct. 15 that both Turkish outlets name him as Richard James Schueler and tie the operation to the Finnish request.

A Red Notice asks police in other countries to locate and provisionally hold a person. It is not itself an arrest warrant, and each country decides whether to act. Unchained explained that distinction while noting the notice was first reported in December 2024. No Turkish police statement, prosecutor statement or ministry comment could be found as of early Oct. 15.

Finnish authorities remanded Heart in absentia in September 2024 on suspicion of tax evasion between 2020 and 2024 and assault of a 16-year-old in February 2021, according to the Europol most-wanted listing. Unchained cited that listing for the dates and claims. Bankless described the case on Oct. 14 as alleged aggravated tax fraud worth hundreds of millions of euros, and said Heart has not been convicted.

The raid involved the Istanbul Police Department Intelligence Branch and the Anti-Financial Crimes Branch, with support from the intelligence agency, Daily Sabah wrote. Officers kept the Besiktas address under watch through technical and physical surveillance before moving in. His wife was detained with him at the scene.

What officers seized is disputed. The Ihlas News Agency account carried by Daily Sabah listed a dozen mobile phones, several laptops, graphics cards, rifles, pistols, two drones, gold bracelets and cash in several currencies, without totals. Sozcu, citing broadcaster TV100, put the haul at 4 million dollars in cash and 64 luxury watches, plus jewelry, firearms and mining equipment. Journalist Cagdas Evren Senlik wrote on X that officers found 600,000 dollars, 24 watches, 20 gold bracelets, three pistols and four rifles.

Unchained collected those three versions and said no official inventory has been published. The differences are large enough that no single seizure total can be treated as confirmed. Readers should treat each figure as one outlet account until Turkish authorities release a list.

The reports describe police custody only. None has reported a court-ordered arrest, a release or an extradition request, Unchained noted. Bankless said the same, writing that no extradition request has been confirmed yet. Whether Finland has asked Turkey to hand him over remains unknown in public reporting.

Heart founded HEX, PulseChain and PulseX. The United States Securities and Exchange Commission charged him and the three entities on July 31, 2023 with unregistered offerings that raised more than 1 billion dollars in crypto assets. Daily Sabah repeated that charge from the SEC statement. The agency also accused Heart and PulseChain of misusing at least 12 million dollars of proceeds for sports cars, watches and a 555-carat black diamond called The Enigma.

That American case ended without a ruling on the facts. Judge Carol Bagley Amon dismissed the suit in February 2025 for lack of jurisdiction, writing that the alleged misuse ran through wallets and platforms with no alleged link to the United States. The SEC said it would not refile, and the court docket closed in May 2025. Unchained traced that history with links to the press release, the dismissal and the docket.

Sozcu said the SEC accuses Heart of embezzling 1.5 billion dollars. That figure conflicts with the SEC account of more than 1 billion raised and at least 12 million allegedly misused. The 1.5 billion number should be read as the Turkish outlet version, not the SEC text.

Market prices moved after the detention reports. HEX on Ethereum fell about 32 percent and PulseX about 36 percent in the 24 hours to 12:42 a.m. ET Thursday, according to CoinGecko data, while bitcoin fell about 3 percent and ether about 5 percent. Unchained gave those figures with the timestamp. Thin trading can move HEX and PulseX fast, so a single percentage without a time cannot stand as a fixed loss.

Neither Heart nor the PulseChain project has commented publicly on the detention. Turkish authorities have not announced charges, a court date or a transfer decision.