Key Takeaways
- Turkish media reported Richard Heart’s detention in Istanbul on Oct. 14 following an intelligence operation.
- Sözcü reported that investigators seized $4 million in cash, 64 luxury watches, firearms and electronics.
- Heart’s SEC case was dismissed in 2025, but his separate Finnish criminal investigation remains relevant.
Richard Heart’s Reported Istanbul Arrest Uncovers a Fortune in Watches, Cash and Weapons
A dawn raid in Istanbul has reportedly landed one of cryptocurrency’s most flamboyant personalities in police custody, along with a collection of luxury watches, firearms and enough electronics to fill a small computer shop. Richard Heart, the controversial founder of HEX, Pulsechain, and Pulsex, was reportedly detained on Wednesday, Oct. 14, after Turkish intelligence officers tracked him to a residence in the upscale Beşiktaş district. Turkish news outlets say the operation followed an international manhunt tied to allegations originating in Finland, where Heart has faced criminal investigations involving taxes and assault.
Turkish Intelligence Tracks Down Fugitive
Turkish publications Sözcü, Karar and Takvim reported that Turkey’s National Intelligence Organization (MİT) worked alongside Istanbul police to locate Schueler, 47, who is also known locally as “Balina James.” Authorities reportedly detained Heart and a woman identified as his wife, A.K., during an operation coordinated with the Istanbul Chief Public Prosecutor’s Office. Financial crimes investigators, Interpol personnel and special operations officers reportedly participated.
The reported raid follows a December 2024 Interpol Red Notice requested by Finnish authorities. At press time, neither Turkish nor Finnish officials had independently confirmed the latest detention through publicly available statements.
Rolex Watches, Patek Philippes and an Arsenal
What investigators reportedly discovered inside the residence reads like an inventory from an extravagant private collection. Several Turkish accounts describe 53 Rolex watches and 11 Patek Philippe timepieces, alongside gold jewelry, computers, storage devices and cryptocurrency-related equipment. Reports also mention pistols, long guns, ammunition and magazines.
The cash figures are less consistent. Some publications describe approximately $4 million, while others identify $600,000, 2,600 euros and 50,000 Turkish lira. Images circulated by Turkish journalists show stacks of currency, luxury watches and electronics. However, the precise inventory, ownership and valuations have not been independently authenticated.
Finnish Criminal Investigation Casts Long Shadow
Heart’s legal troubles stretch back years. Finnish authorities investigated him over allegations of aggravated tax evasion and assault, eventually securing an arrest warrant in absentia. The tax investigation concerns alleged unpaid obligations associated with substantial cryptocurrency-related income. The separate assault allegation involves a 2021 incident concerning a minor.
Finnish investigators previously seized approximately 20 luxury watches valued at roughly $2.6 million from a property in Espoo. The investigation eventually placed Heart on Europol’s most-wanted list. Across the Atlantic, American regulators also took aim at his cryptocurrency ventures.
SEC Case Dismissed, but Finnish Troubles Persist
In July 2023, the U.S. Securities and Exchange Commission accused Heart and entities associated with HEX, Pulsechain and Pulsex of conducting unregistered securities offerings that raised more than $1 billion. The agency also alleged that at least $12 million was diverted toward luxury purchases, including expensive automobiles, watches, and a 555.55-carat black diamond known as “The Enigma.”
That civil case was dismissed in 2025 over insufficient jurisdictional connections to the United States. The dismissal did not resolve the underlying allegations on their merits. The Turkish reports now place Heart back in the headlines, but significant questions remain concerning formal charges, extradition and the reported confiscations.
For a cryptocurrency promoter whose public persona has long revolved around extravagant displays of wealth, the reported inventory is striking. Whether Turkish authorities ultimately transfer Heart to Finland is an entirely different matter, and one awaiting official clarification.
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