HEX Founder Richard Heart Arrested in Istanbul – 64 Luxury Watches and $4M Cash Reported

October 15, 2026 CryptoExpert Uncategorized
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TLDR

  • Turkish media report that HEX and PulseChain founder Richard Heart was detained in Istanbul on October 14.
  • Reports say police seized cash, 64 luxury watches, firearms and electronic devices.
  • Finnish authorities want Heart over alleged aggravated tax fraud, based on an Interpol Red Notice.
  • HEX fell 25% and PLS dropped 35% in 24 hours after the reports.
  • The U.S. SEC case was dismissed, but the Finnish case is separate and still open.

Turkish media reported on Wednesday that Richard Heart, founder of HEX and PulseChain, was taken into police custody in Istanbul. His legal name is Richard James Schueler. Reports say Turkey’s intelligence agency MİT worked with local police on the operation.

Outlets including Sözcü and Haberler said Heart was detained at a home in the Beşiktaş district. A woman identified as his wife was also reportedly held. The Block has asked Istanbul police and Interpol to confirm his status but has not received a response.

What Turkish Reports Say Was Seized

Turkish reports say police found 53 Rolex watches and 11 Patek Philippe watches. They also list gold jewelry, computers, storage devices and cryptocurrency-related equipment. Pistols, long guns and ammunition were also mentioned.

The cash totals differ across reports. Some say about $4 million was found. Others cite $600,000, 2,600 euros and 50,000 Turkish lira.

Images shared by Turkish journalists show stacks of cash and watches. The exact inventory, ownership and value have not been independently verified.

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The watches appear similar to those Heart showed in a 2022 video on Twitter. He said at the time that 32 watches were worth $10 million.

Finnish Case Remains Open

Finnish authorities have sought Heart over alleged aggravated tax fraud. Reports also mention an assault allegation tied to a 2021 incident involving a minor. An Interpol Red Notice was issued at Finland’s request in December 2024.

The tax case concerns alleged unpaid obligations linked to large crypto income. Finnish investigators had earlier seized about 20 luxury watches worth around $2.6 million at a property in Espoo.

Reports say Heart was also placed on Europol’s most wanted list. Neither Turkish nor Finnish authorities have publicly confirmed the latest arrest.

SEC Case and Token Prices

In July 2023, the U.S. Securities and Exchange Commission accused Heart and related entities of unregistered securities offerings that raised more than $1 billion. The agency also alleged at least $12 million went to luxury purchases, including a 555.55-carat black diamond called “The Enigma.”

A judge dismissed that case in February 2025. The SEC chose not to amend its complaint in April 2025, citing insufficient evidence. Reports say the dismissal was tied to limited U.S. jurisdiction and did not settle the claims on their merits.

HEX fell 25% after news of the arrest broke. The token was already down more than 99% from its 2021 high of about $0.44. PLS, the token of PulseChain, dropped 35% in 24 hours and is down nearly 98% since its 2023 launch.

Questions remain about formal charges and whether Turkey would send Heart to Finland. Officials have not made a public statement.





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