Turkish Police Detain HEX Founder Richard Heart in Istanbul, Seizing Luxury Watches and Cash
Key Takeaways
- •Turkish police detained HEX founder Richard Heart, whose legal name is Richard Schueler, during an operation in Istanbul's Beşiktaş district.
- •Initial reports indicated the seizure of 64 luxury watches and roughly $4 million in cash, while Turkey's DHA agency reported a lower count of 24 watches and $600,000, and the figures have not been reconciled.
- •In July 2023, U.S. federal prosecutors charged Heart with wire fraud, securities fraud, and tax evasion, alleging he raised over $1 billion from retail investors and spent funds on luxury goods.
- •The FBI added Heart to its Ten Most Wanted Fugitives list in January 2025 after U.S. authorities sought an INTERPOL Red Notice.
- •A separate 2023 SEC civil suit against Heart was dismissed by a federal judge in February 2025 due to lack of jurisdiction over the transactions.
Turkish police have detained Richard Heart, the founder of the HEX cryptocurrency token, during an operation in Istanbul, with initial reports indicating that officers seized 64 luxury watches and roughly $4 million in cash.
COINOTAG Update 18:25 UTC: Turkish news agency DHA gave a lower count from the same search in Istanbul's Beşiktaş district, reporting that officers seized $600,000 in cash and 24 watches — a figure well below the roughly $4 million and 64 luxury timepieces cited in initial reports. The conflicting figures have not been reconciled publicly, and the reported seizure details remain subject to confirmation.
A High-Profile Figure in Crypto
Heart, whose legal name is Richard Schueler, launched HEX in 2019 as a blockchain-based certificate of deposit and later founded the PulseChain network and its companion token PulseX. He became one of the most recognizable figures in the digital-asset industry, known for flamboyant social media appearances showcasing luxury cars, watches, and gems.
Years of U.S. Legal Pressure
The detention comes against the backdrop of a yearslong U.S. legal campaign. In July 2023, federal prosecutors charged Heart with wire fraud, securities fraud, and tax evasion, alleging that he raised more than $1 billion from retail investors through HEX and subsequent offerings and misappropriated investor funds to purchase luxury goods, including high-end cars, watches, and rare diamonds. U.S. authorities subsequently sought an INTERPOL Red Notice, and in January 2025 the FBI added Heart to its Ten Most Wanted Fugitives list.
Separately, the U.S. Securities and Exchange Commission sued Heart in 2023 over alleged unregistered securities offerings and fraud; a federal judge dismissed that civil case in February 2025, finding that the court lacked jurisdiction over the transactions.
Details of any charges Heart may face in Turkey, or of possible proceedings sought by U.S. authorities, were not announced at the time of publication. The next verifiable developments will be any formal statement from Turkish authorities, clarification of the seized-property figures, or information about whether the detention leads to further proceedings.
This content was first published on COINOTAG: https://en.coinotag.com/turkish-police-detain-hex-founder-richard-heart-istanbul
