Who is Richard Heart, the HEX founder wanted by Interpol?

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Who is Richard Heart

Turkish police seize millions in crypto founder’s arrest

Richard Heart, whose real name is Richard James Schueler, was recently detained in Istanbul. The operation, involving Turkish intelligence and law enforcement, resulted in the seizure of approximately $7.15 million in cash, six cryptocurrency cold wallets, and numerous luxury items. Heart's wife and three men described as his bodyguards were also taken into custody.

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Investigators searched 15 properties, confiscating expensive watches, jewelry, designer bags, electronic devices, and firearms. The value of cryptocurrency held in the seized wallets has not been disclosed. Turkish authorities linked the operation to an Interpol Red Notice issued at Finland’s request.

For years, Heart made wealth part of his personal brand. He appeared online wearing expensive watches and designer clothing, often using his success to challenge critics and promote his cryptocurrency projects. Now, luxury items similar to those that helped define his public image have been seized by Turkish investigators.

What is Richard Heart known for?

Heart is an American entrepreneur who gained prominence in cryptocurrency after launching HEX in December 2019. Previously involved in online marketing, he built a substantial following through livestreams, public debates, and aggressive promotion of his projects. His confrontational style attracted both devoted supporters and outspoken critics.

HEX helped turn Heart from a cryptocurrency commentator into the leader of an active investor community. The Ethereum-based token was marketed as a blockchain alternative to traditional certificates of deposit, rewarding users for locking up their holdings. Heart promoted the possibility of substantial returns, an appealing proposition for investors looking beyond conventional financial products.

During the 2021 crypto boom, HEX experienced a spectacular rise in value, strengthening Heart’s reputation among supporters. But the token subsequently lost most of its peak value, raising questions about the risks behind its rewards. Unlike bank deposits, HEX offered no deposit insurance, and the value of its rewards depended on the token's market price.

Heart later expanded his ambitions with PulseChain, a blockchain positioned as an alternative to Ethereum, and PulseX, its decentralized exchange. The projects attracted substantial cryptocurrency contributions through a fundraising arrangement described as a sacrifice, in which participants transferred assets in anticipation of receiving new tokens.

From crypto success to regulatory scrutiny

Heart’s cryptocurrency ventures came under U.S. regulatory scrutiny in July 2023, when the Securities and Exchange Commission sued him and entities associated with HEX, PulseChain, and PulseX. The regulator alleged that the projects had raised more than $1 billion through unregistered securities offerings.

The allegations extended beyond the fundraising itself. The SEC accused Heart of diverting at least $12 million in investor funds toward luxury purchases, including expensive watches, sports cars, and a 555-carat black diamond known as The Enigma. The accusations drew particular attention because Heart had made extravagant spending such a prominent part of his public image.

Heart disputed the allegations and challenged the regulator’s authority to pursue the case. In February 2025, a federal judge dismissed the lawsuit after finding that the SEC had not sufficiently established jurisdiction over his activities. The agency subsequently declined to amend its complaint, ending the proceedings without a ruling on the underlying fraud allegations.

Heart presented the dismissal as a victory not only for himself but for the wider cryptocurrency industry:

“The SEC walked away from some other cryptocurrency cases voluntarily, but this is the only case where the SEC lost and crypto won across the board.”

Yet his legal difficulties were far from over. While the American case was coming to an end, Finnish authorities were pursuing a separate investigation into suspected aggravated tax fraud and an alleged assault. Interpol had issued a Red Notice at Finland’s request in December 2024, seeking Heart’s location and provisional detention.

What happens after the arrest?

The Istanbul operation brought the Finnish investigation back into the spotlight. Turkish authorities have not announced whether an extradition request has been received, while the ownership and value of the cryptocurrency held in the seized wallets remain unclear.

Turkish Justice Minister Akın Gürlek also described Heart as wanted over allegations of approximately $1 billion in cryptocurrency fraud involving the U.S. and Finland. However, the U.S. SEC case, which involved more than $1 billion in alleged unregistered offerings, was dismissed in 2025. The Finnish investigation concerns separate allegations of tax fraud and assault.

The detention also triggered selling in cryptocurrencies associated with Heart. HEX fell around 25% following the initial reports on October 14, while PulseChain's native token, PLS, lost approximately 35% over 24 hours. The declines added to substantial losses both tokens had already suffered from their earlier highs.

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