Richard Heart Arrested in Istanbul, Turkish Police Seize Millions in Cash and Assets
Current overview (not historical)
On October 14, 2024, Turkish police and intelligence agents, acting on an Interpol Red Notice issued by Finland for alleged tax‑fraud, arrested cryptocurrency entrepreneur Richard Heart and his wife at their apartment in Istanbul’s Besiktas district. The arrest led to the seizure of roughly $4 million in cash, 64 luxury watches, firearms, a drone and several electronic devices. In the following day’s raid of 15 addresses, authorities confiscated an additional $7.15 million in cash, six cold wallets, seven guns and 1,400 rounds of ammunition. The Red Notice was originally requested by Finland after a 2024 investigation into Heart’s financial activities. Earlier, the U.S. Securities and Exchange Commission had charged Heart in 2023 with an unregistered cryptocurrency offering; that case was dismissed in 2025. The arrests and asset seizures have sparked concern among investors in Hex, PulseChain, and PulseX, with some sellers reporting a $160 million drop in token value following the news.
Written with AI from the reporting · updated 10/17/2026
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- 1Unclassified fact stationOct 14, 00:00recorded Oct 14, 22:04revised
Hex创始人理查德·心在伊斯坦布尔被拘留
Read original source ↗ DecryptReplay this moment in the explorerEvidence & revisions · 2 source records
- Subject：
- Richard Heart
- Action：
- 被拘留
- Object：
- Interpol Red Notice
- Occurred (fact side)：
- Oct 14, 00:00
- Published (valid side)：
- Oct 14, 22:03
- First seen (known side)：
- Oct 14, 22:04
- Published (valid side)：
- Oct 14, 23:53
- First seen (known side)：
- Oct 15, 02:23
Fact stationRevisedCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
- 2Unclassified fact stationOct 15, 00:00recorded Oct 15, 20:38single sourcerevised
HEX token sellers erase $160M following founder arrest repor
Read original source ↗ CointelegraphReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- HEX token sellers
- Action：
- sell off HEX tokens
- Object：
- HEX tokens
- Occurred (fact side)：
- Oct 15, 00:00
- Published (valid side)：
- Oct 15, 20:12
- First seen (known side)：
- Oct 15, 20:38
Fact stationSingle source · one-sided claimRevisedCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
- 3Unclassified fact stationOct 15, 00:00recorded Oct 15, 22:26single sourcerevised
Hex founder Richard Heart arrested in Istanbul
Read original source ↗ CoinDeskReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- Richard Heart
- Action：
- arrested
- Object：
- Istanbul property
- Occurred (fact side)：
- Oct 15, 00:00
- Published (valid side)：
- Oct 15, 17:20
- First seen (known side)：
- Oct 15, 22:26
Fact stationSingle source · one-sided claimRevisedCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
- 4Unclassified fact stationOct 17, 00:00recorded Oct 18, 02:24single source
Turkey confirms Hex founder Richard Heart’s arrest
Read original source ↗ The BlockReplay this moment in the explorerEvidence & revisions · 1 source records
- Subject：
- Turkey police
- Action：
- seized
- Object：
- $7.15 million and six cold wallets
- Occurred (fact side)：
- Oct 17, 00:00
- Published (valid side)：
- Oct 18, 02:14
- First seen (known side)：
- Oct 18, 02:24
Fact stationSingle source · one-sided claimCopy may have been revised later; time replay is bounded. Layer labels group reading only, not causation between layers.
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Explore every side through dated source reports.
- CointelegraphRichard Heart detained in Turkey, HEX market cap drops $246 million
Report first recorded Oct 19, 07:16
HEX founder Richard Heart was detained by Turkish authorities in Istanbul on October 14. Police seized $7.15 million in cash, firearms, and luxury items including 28 watches and 300 bags during a raid. Interpol issued a Red Notice for Heart two years ago over tax fraud and assault allegations. HEX market cap fell from $561 million to $315 million following the news. Authorities have not yet confirmed if Heart has been formally arrested or charged.
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- The BlockRelated fact: single sourceTurkey confirms arrest of Hex founder Richard Heart, seizes $7.15 million and six cold wallets
Report first recorded Oct 18, 02:24
Turkish police have confirmed the arrest of Richard Heart, the founder of the Hex cryptocurrency project. During searches of 15 addresses, authorities seized approximately $7.15 million in cash, six cold wallets, seven firearms, and 1,400 rounds of ammunition.
Read original source ↗
- CointelegraphRelated fact: single sourceSource report revisedHEX token loses $160M after reports of founder Richard Schueler's arrest in Istanbul
Report first recorded Oct 15, 20:38
The HEX token fell nearly 30% in 24 hours, dropping to $0.0006 by 11:28 am UTC on Thursday, erasing about $160 million from its market capitalization, from over $500 million on Wednesday to $340 million. Local media reported that Turkish authorities detained founder Richard Schueler and his wife in Istanbul, seizing devices, hardware wallets, jewelry, and handguns. This follows an Interpol Red Notice for Schueler regarding alleged tax fraud and assault, and a 2023 SEC lawsuit alleging he raised $1 billion in an unregistered securities offering and misappropriated at least $12 million, which was dismissed in February 2025.
Read original source ↗ - CoinDeskRelated fact: single sourceSource report revisedHex founder Richard Heart arrested in Istanbul amid international legal issues
Report first recorded Oct 15, 22:26
Richard Heart, founder of crypto projects Hex, PulseChain, and PulseX, was arrested with his wife in Istanbul during a joint operation by Turkish police and intelligence officers. Authorities reportedly seized $4 million in cash, 64 luxury watches, firearms, and electronic equipment. Heart was subject to an Interpol Red Notice due to allegations of tax fraud and assault in Finland, and previously faced SEC charges in 2023 in the U.S. for raising over $1 billion through unregistered securities offerings and misappropriating at least $12 million in investor funds.
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- The BlockRichard Heart, Hex and PulseChain founder, reportedly detained in Istanbul
Report first recorded Oct 15, 02:23
Turkish reports indicate that $4 million and 64 watches belonging to Richard Heart were seized; however, police have not confirmed his detention.
Read original source ↗ - DecryptSource report revisedHex Founder Richard Heart Detained in Istanbul Following Interpol Red Notice
Report first recorded Oct 14, 22:04
Turkish police and intelligence officers detained Hex founder Richard Heart and his wife in Istanbul on Wednesday, acting on an Interpol Red Notice issued in 2024 at Finland's request for aggravated tax fraud. Authorities seized multiple electronic devices, firearms, drones, and a large amount of cash. Previously, the U.S. SEC accused Heart in 2023 of raising over $1 billion in unregistered crypto offerings, but a federal judge dismissed the case in February 2025 for lack of jurisdiction, and the SEC later declined to amend the complaint.
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