Richard Heart detention reports hit Hex and PulseChain tokens

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Richard Heart detention reports

Highlights

Turkish media report Richard James Schueler (Richard Heart) is detained in Istanbul, with Turkish MİT, police, and Interpol involved amid aggravated tax fraud allegations from Finland.
U.S. SEC’s case against Heart was dismissed in February 2025, with the SEC declining further action in April due to insufficient evidence.
Hex token plunges 25% today and more than 99% from its $0.44 2021 peak, while PulseChain’s PLS drops 35% in 24 hours and 98% since launch on reports of Heart's detention.

Istanbul detention reports and allegations

As reported by The Block, citing Turkish media, Heart, whose legal name is Richard James Schueler, is detained at a residence in Istanbul's Beşiktaş district during an operation involving Turkey's MİT intelligence agency and local police. The reports say officers also seize electronic devices alongside the cash and watches.

An Interpol Red Notice shows that Finnish authorities are seeking Heart in connection with alleged aggravated tax fraud. The Turkish reports also refer to allegations previously brought by the U.S. Securities and Exchange Commission, although that case ends last year after a judge dismisses the lawsuit in February 2025 and the SEC declines to amend its complaint in April, citing insufficient evidence.

The Block says it has contacted Istanbul police and Interpol for confirmation of Heart's custody status but has not yet received a response. Images in Turkish reports appear consistent with some of the luxury watches Heart displayed in a 2022 video on Twitter, where he said the collection was worth $10 million at the time.

Crypto market reaction and token losses

Tokens associated with Heart fall sharply after the detention reports, extending steep losses already seen across the projects. Hex drops 25% today and trades for fractions of a cent, having already fallen more than 99% from its 2021 all-time high of about $0.44.

Heart later launches PulseChain in 2023 as an Ethereum-based blockchain with a native token called PLS. PLS is down 35% over the past 24 hours and nearly 98% since inception, underscoring the sensitivity of smaller crypto assets to legal and reputational shocks tied to their founders.

Our earlier report covered the Enforcement Directorate’s latest steps in a money-laundering investigation tied to the alleged siphoning of funds from Dr B.R. Ambedkar Development Corporation Limited. It detailed claims of fake bank accounts and forged documents used to enable withdrawals of about Rs 14.95 crore, along with updates on prosecution complaints and the seizure or attachment of assets as the probe continued.

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