Hex founder Richard Heart detained in Turkey on Interpol Red Notice
Turkish authorities have detained Richard Heart, founder of the cryptocurrency project Hex, in Istanbul following an Interpol Red Notice. The international alert was issued in connection with an investigation in Finland into aggravated tax fraud.
Turkish newspaper Daily Sabah reported the detention on October 14, citing local news agency IHA. The operation was carried out by Istanbul police officers in cooperation with Turkey's National Intelligence Organization (MIT).
Heart, whose real name is Richard James Schueler, was detained alongside his wife in Istanbul's Beşiktaş district. Before the operation, authorities had placed his residence under surveillance.
Police seize cash, weapons and electronic devices
According to Turkish media reports, law enforcement officers discovered and seized approximately 12 mobile phones, several laptops, graphics cards, two drones, rifles and handguns.
Authorities also confiscated gold bracelets and a large amount of cash in various currencies. The total value of the seized property has not been disclosed.
Interpol issued a Red Notice for Heart in 2024 at Finland's request. The notice lists a charge of aggravated tax fraud.
An Interpol Red Notice is a request to locate and provisionally arrest a person pending possible extradition. It is not an international arrest warrant.
Finnish authorities had also previously sought Heart in connection with an alleged assault. At the time of publication, it remained unclear whether Finland had submitted a formal request for his extradition from Turkey.
Previous SEC allegations against Hex founder
Heart launched Hex in 2018, marketing the project as a blockchain-based equivalent of a high-yield certificate of deposit.
In 2023, the U.S. Securities and Exchange Commission (SEC) accused Heart and his affiliated projects, Hex, PulseChain and PulseX, of raising more than $1 billion through unregistered crypto asset offerings.
The regulator also alleged that Heart used at least $12 million in investor funds to purchase luxury items, including sports cars, watches and The Enigma, a 555-carat black diamond.
In February 2025, a federal court dismissed the lawsuit for lack of personal jurisdiction. The judge concluded that Heart's activities were not sufficiently directed toward U.S. investors.
In April, the SEC declined to file an amended complaint within the required deadline, bringing the case to an end. Heart's attorney described the outcome as a complete victory for his client.
Earlier, we reported that U.S. authorities arrested the CEO of an IT company over the alleged smuggling of Nvidia chips worth $300 million to China. Investigators linked the executive to a scheme involving illegal shipments of American technology.
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