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Hex founder Richard Heart detained in Turkey nearly 2 years after Interpol red notice
Hex founder Richard Heart arrested in Istanbul police raid; $4M cash, watches, weapons seized. Arrest follows Interpol red notice from Finland.
14/10/2026 15:437 min read
Richard Heart, the creator of Hex who was wanted by Finland via an Interpol Red Notice, was taken into custody by police in Istanbul on Wednesday, according to reports.
Turkish news outlet Haberler reported that during a morning operation, law enforcement seized $4 million in cash, 64 luxury watches, firearms, computers, cryptocurrency mining equipment, and other electronic devices from Heart, whose real name is Richard James Schueler.
Euronews added that three handguns, four rifles, seven magazines, 1,360 rounds of ammunition, and a dagger were also confiscated.
The raid was carried out by Istanbul's National Intelligence Organization (MİT) and Beşiktaş police, coordinated by the city's Chief Public Prosecutor’s Office, Financial Crimes Divison, Interpol, and MİT.
According to Haberler, the investigation examined Schueler's alleged international fraud network based in Istanbul, which also maintained offices in the US, Finland, and Spain.
US autorities do not want Richard Heart arrested, but Finland does
In 2023, the SEC charged Heart with selling over $1 billion in unregistered securities and misappropriating millions of dollars from his Hex, PulseChain, and PulseX crypto projects.
He is alleged to have misused $12 million to purchase sports cars, watches, and a 555-carat black diamond known as “The Enigma.”
Two years later, the lawsuit was dropped after the SEC failed to establish legal jurisdiction. Heart is also no longer listed on Europol's most wanted list, likely due to Wednesday's reported arrest.
An Interpol Red Notice on behalf of Finland was posted in December 2024 for alleged aggravated tax fraud involving hundreds of millions of euros in unpaid tax.
He also allegedly assaulted a minor in 2021.
Heart's alleged new home in Istanbul was a luxurious address, potentially paid for with funds linked to suspected crypto mixer transactions through which he attempted to conceal $500 million worth of cryptocurrency.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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