Turkish authorities detained HEX founder Richard Heart and four others in Istanbul, uncovering an extraordinary collection of cash, luxury goods, weapons and electronics. The haul included an estimated $7.15 million in cash, six cryptocurrency wallets, and hundreds of designer accessories.
Key Takeaways
- Turkey’s justice minister confirmed Richard Heart’s Oct. 14 detention alongside four others in Istanbul.
- Turkish authorities reported seizing $7.15 million in cash, six cold wallets and hundreds of luxury items.
- Richard Heart faces unresolved Finnish allegations despite the dismissal of his U.S. SEC case in 2025.
Turkey’s Justice Minister Confirms Richard Heart Detention
Turkey’s Justice Minister Akın Gürlek confirmed Saturday, Oct. 17, that Richard James Schueler, better known as Richard Heart, was detained during an Oct. 14 operation in Istanbul’s Beşiktaş district. The announcement marks the first official acknowledgment of the detention and provides considerably more detail than earlier Turkish media reports.
“Richard James Schueler, a U.S. citizen reported to have an INTERPOL red notice issued against him on allegations of perpetrating a $1 billion cryptocurrency fraud in the United States and Finland, was apprehended and taken into custody in Istanbul,” Gürlek stated.
Schueler, the American entrepreneur behind HEX, Pulsechain and Pulsex, was detained alongside his wife. Three additional men, described as his bodyguards, were subsequently apprehended. Investigators searched 15 properties across Beşiktaş, Üsküdar and Sarıyer, coordinating with Turkish police intelligence, financial crime investigators and the country’s National Intelligence Organization.
Millions in Cash, Designer Goods and Weapons Seized
The inventory released by Gürlek reads like an extraordinarily expensive shopping list. Investigators reported recovering approximately $7.15 million in U.S. currency, 160,000 Turkish lira and six cryptocurrency cold wallets, devices used to secure digital assets. Several luxury vehicles were impounded.
The luxury collection was equally extensive. Authorities listed 300 bags, 100 pairs of shoes, 136 pairs of glasses, 28 watches and 97 pieces of jewelry and other valuables. Police also recovered 29 phones, 12 laptops, 11 computer cases, 19 storage drives, 46 USB devices, 19 graphics cards, seven firearms and 1,400 rounds of ammunition.
“Judicial proceedings regarding the suspects and examinations of the seized materials are ongoing,” Gürlek explained. The figures come directly from the minister’s statement. Authorities haven’t disclosed the contents or potential value of the six cold wallets. Heart’s supporters believe Turkey is being unfair and that he would “receive a fairer and more informed process here in the United States.”
Finnish Red Notice Complicates Heart’s Legal Troubles
Schueler’s detention follows an Interpol Red Notice requested by Finland, where authorities have investigated allegations of aggravated tax fraud involving hundreds of millions of euros. Finnish authorities have also previously identified a separate alleged assault involving a minor. Neither allegation constitutes a conviction, and a Red Notice isn’t an international arrest warrant.
Schueler previously prevailed in a separate American regulatory dispute. The U.S. Securities and Exchange Commission (SEC) sued him in 2023 over alleged unregistered cryptocurrency offerings exceeding $1 billion. A federal judge dismissed that case in February 2025 on jurisdictional grounds, and the SEC declined to amend its complaint.
“We will not allow anyone to view Turkey as a safe harbor for evading justice,” Gürlek declared. “We will continue with determination to protect our country’s security and to further strengthen our international cooperation in combating transnational crimes.”
Five individuals remain subject to judicial proceedings, with no publicly confirmed extradition filing or court disposition. Meanwhile, the contents of those six cryptocurrency wallets remain undisclosed.