Hex Crypto Founder Richard Heart Detained in Istanbul on Interpol Red Notice

Turkish authorities have detained Richard Heart, the controversial founder of the Hex cryptocurrency, during a targeted law enforcement operation in Istanbul. According to reports from Turkish media outlets citing the state-linked news agency IHA, Heart was apprehended based on an active Interpol Red Notice issued at the request of European authorities.

Heart, whose legal name is Richard James Schueler, was taken into custody alongside his wife on Wednesday morning. The operation was executed smoothly following a coordinated effort by the Istanbul police department and Turkey’s National Intelligence Organization, commonly known as MIT. Law enforcement personnel had reportedly been monitoring a residential address associated with Heart located in the vibrant and bustling Beşiktaş district on the European side of Istanbul before moving in to make the arrest.

During the raid on the premises, Turkish authorities seized a substantial inventory of personal and electronic items. According to the IHA report, police confiscated a dozen mobile phones, several high-end laptops, specialized graphics cards typically associated with computing or digital asset operations, multiple rifles and pistols, two drones, several gold bracelets, and a large quantity of cash denominated in various foreign currencies. The cache of items highlights the scope of the search conducted by local security forces during the morning raid.

An Interpol Red Notice is fundamentally a formal request directed to law enforcement agencies across the globe to locate and provisionally arrest an individual pending potential extradition or similar lawful judicial proceedings. Crucially, a Red Notice is not an international arrest warrant in its own right, but rather a mechanism for international police cooperation. Interpol formally issued the Red Notice for Heart in 2024, acting upon a specific request filed by Finland. The official notice lists a single primary charge of aggravated tax fraud, though Finnish authorities have also reportedly sought him in connection with an alleged assault. Regional reporting from the Daily Sabah characterized the nature of the notice as relating directly to high-value financial and cryptocurrency-related fraud investigations originating overseas.

Heart and Hex: Origins and SEC Legal Battles

The detention marks the latest chapter in the tumultuous public profile of Richard Heart and the cryptocurrency projects he helped bring to market. Heart initially launched Hex back in 2018, aggressively marketing the digital asset to retail investors as a high-yield "blockchain certificate of deposit." The token generated significant trading volume and a dedicated online following, positioning itself as an alternative financial product designed to reward long-term holding and staking behavior within the decentralized finance ecosystem.

However, the rapid growth and promotional style of Hex eventually drew intense scrutiny from major financial watchdogs, most notably the United States Securities and Exchange Commission. In 2023, the SEC formally filed civil charges against Heart and three distinct corporate entities under his control: Hex, PulseChain, and PulseX. The federal regulatory agency accused Heart of conducting massive, unregistered offerings of crypto asset securities that collectively managed to raise more than $1 billion from unsuspecting or speculative investors worldwide.

Beyond the core securities violations, the SEC’s landmark enforcement action leveled severe allegations regarding the personal financial conduct of the founder. The regulatory body accused Heart of blatantly misappropriating at least $12 million of investor funds to finance an extravagant lifestyle characterized by the acquisition of luxury goods. According to the SEC complaint, this lavish spending spree included the purchase of high-end sports cars, expensive luxury watches, and a rare 555-carat black diamond famously known in media circles as "The Enigma."

Despite the gravity of the regulatory onslaught in the United States, Heart’s legal team managed to secure a major victory in early 2025. A federal judge formally dismissed the SEC’s ongoing complaint against the crypto founder, ruling that the court lacked proper jurisdiction over the matter. The presiding judge concluded that Heart’s overseas activities and promotional campaigns were not clearly or directly aimed at U.S.-based investors in a manner that would justify domestic regulatory enforcement. Following the dismissal, the SEC faced an April deadline to amend its original complaint to address the jurisdictional shortcomings. When the regulatory agency ultimately declined to submit an amended filing, the legal case effectively came to an end, prompting Heart’s defense attorney to publicly celebrate the outcome as a complete legal victory for his client.

Despite the resolution of his high-profile U.S. regulatory battles, Heart now faces a completely different legal reality in Europe and Turkey. As local authorities in Istanbul process the aftermath of Wednesday’s targeted raid, it remains entirely unclear whether Finnish authorities have formally submitted a formal request for his immediate extradition from Turkey to face the pending charges of aggravated tax fraud and alleged assault.