Turkish police have detained Richard Heart, the founder of the Hex cryptocurrency and the PulseChain blockchain, in Istanbul, according to Turkish media. He is wanted under an Interpol Red Notice issued at Finland’s request. The accusations against him are allegations, and he has not been convicted.
Türkiye Today reported on 14 October 2026 that a foreign national “wanted internationally by Interpol with a red notice for alleged cryptocurrency fraud, was detained with his wife in Istanbul on Wednesday, authorities said”. It named him as Richard James Schueller. Decrypt and The Defiant identify Heart’s legal name as Richard James Schueler, with one “l”.
According to Türkiye Today, the operation was carried out by Istanbul police intelligence and financial crimes teams with support from Türkiye’s National Intelligence Organization (MIT).
What was seized
Turkish authorities said they seized $600,000, €2,600 and ₺50,000 in cash, Türkiye Today reported. They also listed 24 wristwatches, 20 gold bracelets, seven gold chain necklaces, three pistols, four long-barrelled rifles, 1,360 bullets, two drones, 12 mobile phones, six laptops and 20 graphics cards.
What the Red Notice means
A Red Notice is a request to police around the world to find and provisionally arrest a person while extradition or similar legal steps are considered. It is not an international arrest warrant, and it does not establish guilt. Each country decides under its own laws whether to act.
According to Decrypt and The Defiant, Interpol’s public notice, issued in 2024 at Finland’s request, lists a single charge: aggravated tax fraud. Decrypt reported that Finnish authorities have also sought him over an alleged assault. Türkiye Today described the case as alleged “large-scale cryptocurrency fraud”.
Decrypt said it was not immediately clear whether Finland has asked Turkey to extradite him.
The earlier US case
Decrypt and The Defiant also noted a separate case in the US. In 2023 the Securities and Exchange Commission (SEC) sued Heart, Hex, PulseChain and PulseX, alleging unregistered offerings that raised more than $1 billion. A federal judge dismissed the case in February 2025 for lack of jurisdiction, and the SEC chose not to refile it.
The sources did not include any comment from Heart or his lawyers.
What this means
- These are allegations. No court has found Heart guilty of the Finnish charge.
- Extradition is unclear. It is not known whether Finland has requested it.
- This is a separate case. The US SEC case was already dismissed in 2025.
Sources
- Türkiye Today, “Foreign suspect wanted over crypto fraud detained in Istanbul”, 14 October 2026. https://www.turkiyetoday.com/nation/foreign-suspect-wanted-over-crypto-fraud-detained-in-istanbul-3230316
- Decrypt, “Hex founder Richard Heart detained in Istanbul on Interpol Red Notice: report”, 14 October 2026. https://decrypt.co/380948/hex-founder-richard-heart-detained-in-istanbul-on-interpol-red-notice-report
- The Defiant, “Richard Heart detained in Istanbul on Interpol notice, Turkish media report”, 14 October 2026. https://thedefiant.io/news/regulation/richard-heart-detained-in-istanbul-on-interpol-notice-turkish-media-report
