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Turkish Minister of Justice Akın Gürlek confirmed the arrest of Richard Heart, the founder of the Ethereum ecosystem token Hex and PulseChain, in Istanbul. Heart, whose real name is Richard James Schueler, was detained along with his wife during a police operation in the Beşiktaş district on Wednesday. The operation was conducted by the Istanbul Chief Prosecutor's Office, with assistance from the city's police intelligence and financial crimes department, as well as Turkey's intelligence agency MİT.
During the operation, authorities executed searches at 15 locations across the Beşiktaş, Üsküdar, and Sarıyer districts, seizing approximately $7.15 million in cash, six cold wallets, 160,000 Turkish lira, and various luxury items including 28 watches and 97 pieces of jewelry. Additionally, police confiscated firearms and ammunition, including four long-barreled rifles and three unlicensed handguns. Nine vehicles registered under Heart's wife's name were also seized, according to Turkey's state news agency Anadolu.
Gürlek linked Heart's arrest to a red notice issued in December 2024 at the request of Finnish authorities, who are pursuing him for serious tax evasion and assault related to a $1 billion cryptocurrency fraud case. In the United States, a federal judge dismissed a lawsuit from the Securities and Exchange Commission against Heart in February 2025, citing jurisdictional issues, and the agency chose not to refile the case in April of that year. Following the news of his arrest, the value of Hex reportedly dropped by about 14% within 24 hours.
Source: KLEA News