Turkish media report HEX founder Richard Heart detained in Istanbul

American crypto entrepreneur Richard Heart, legally named Richard James Schueler, has been detained in Istanbul, Forbes Türkiye and other Turkish media reported on October 14.

According to Forbes Türkiye, Turkish intelligence officers and Istanbul police carried out the operation. Officers located Heart at a residential complex in Beşiktaş after months of surveillance. His wife was also detained, the publication reported.

Forbes Türkiye said officers seized cash in several currencies, jewellery and luxury watches, including 53 Rolex and 11 Patek Philippe timepieces. It also reported the discovery of firearms and equipment for cryptocurrency operations.

Heart is known as the founder of HEX and PulseX. He launched HEX in 2019, offering returns for locking up tokens. Finnish authorities have sought him on suspicion of aggravated tax fraud, and an Interpol Red Notice was issued in December 2024.

Separately, the US Securities and Exchange Commission sued Heart in July 2023, alleging unregistered securities sales and the use of at least $12.1 million of investor funds for personal purchases. A US court dismissed the suit in February 2025 for lack of jurisdiction.

Forbes Türkiye reported that Turkish specialists are examining seized crypto wallets and encrypted drives to locate funds totalling approximately $1.5 billion. Authorities are exchanging information with US representatives and Interpol.