Turkish authorities have arrested Richard James Schueler, better known as Richard Heart, in an Istanbul operation targeting an internationally wanted crypto fugitive.
Heart was detained on Wednesday morning along with his wife, identified as A.K., according to local media reports. An update from the country’s Justice Minister, Akın Gürlek, confirmed the news today.
The operation involved Türkiye’s National Intelligence Organization (MIT) and Istanbul police teams, including the Chief Public Prosecutor’s Office.
Heart was reportedly found at an address in the Beşiktaş district after security and intelligence units tracked his movements through technical and physical surveillance. He was wanted under an Interpol Red Notice issued at Finland’s request over allegations involving high-profile crypto fraud.
Authorities also seized over $7 million in cash in several currencies, mobile phones, laptops, graphics cards, SSDs, firearms, ammunition, drones, gold bracelets and necklaces during searches at the property. Heart’s arrest follows years of legal trouble linked to his crypto ventures.
In 2023, the US Securities and Exchange Commission (SEC) charged him and three entities he controlled, Hex, PulseChain and PulseX, over allegedly unregistered crypto asset securities offerings that raised more than $1 billion from investors. The regulator also accused Heart and PulseChain of fraud, alleging they misappropriated at least $12 million in offering proceeds to buy luxury items.
The SEC had previously listed sports cars, expensive watches, and a 555-carat black diamond known as The Enigma among the purchases. The diamond was reportedly one of the largest black diamonds in the world. The case was, however, ended in 2025 after a US federal judge dismissed the lawsuit on jurisdictional grounds. The SEC later declined to amend its complaint.
Heart was notorious for relentlessly flaunting extreme wealth online. Following news of his arrest, HEX sharply plunged nearly 50% from $0.00090 to $0.00046 on October 14, in less than 24 hours. The token has since recovered and is currently trading near $0.00060.
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