Turkish police, assisted by the nation’s intelligence service, took Richard Heart and his spouse into custody on Wednesday morning. The operation focused on the couple’s residence in Istanbul’s Beşiktaş district, where officers confiscated multiple smartphones, laptops, graphics cards, firearms, two drones, gold bracelets and assorted cash in several currencies.
Interpol Red Notice and Finnish Charges
Finland lodged a request in 2024 that resulted in an Interpol Red Notice, which is a worldwide alert asking law-enforcement agencies to locate and temporarily detain a person pending extradition. The notice lists a single accusation of aggravated tax fraud, though Finnish prosecutors have also indicated an alleged assault investigation. The notice was issued at Finland’s request, not by Turkey.
Background of the Hex Founder
Richard Heart, whose legal name is Richard James Schueler, launched the Hex token in 2018, promoting it as a high-yield blockchain certificate of deposit. In 2023 the U.S. Securities and Exchange Commission alleged that Heart and entities linked to Hex, PulseChain and PulseX conducted unregistered securities offerings that raised more than $1 billion. The SEC also claimed that he diverted at least $12 million of investor money for personal luxuries, including sports cars, watches and a 555-carat black diamond called “The Enigma.” A federal judge dismissed the SEC complaint in February 2025 on jurisdictional grounds, and the agency chose not to pursue the case further.
Unclear Extradition Path
It remains uncertain whether Finnish authorities have formally asked Turkey to extradite Heart. Turkish officials have not released details about the next legal steps, and the case’s outcome will depend on bilateral cooperation and the specifics of the Finnish indictment.
Why it matters
The arrest underscores how cryptocurrency entrepreneurs can face cross-border legal scrutiny beyond the United States, illustrating the growing willingness of European law-enforcement agencies to act on financial-crime allegations tied to digital assets. The seizure of high-value items and electronic equipment also highlights the material scale of the investigation. Finally, the episode may influence how regulators and investors view the risk profile of projects that operate in regulatory gray zones, potentially prompting tighter compliance measures across the crypto sector.
