Hex Founder Richard Heart Detained in Istanbul on Interpol Red Notice: Report
Richard Heart, also known as Richard James Schueler, was arrested on an Interpol Red Notice at the request of Finland.
Quick Look
- Turkish police and intelligence have detained Richard Heart, founder of the Hex cryptocurrency, in Istanbul's Beşiktaş district.
- The arrest follows an Interpol Red Notice issued by Finland regarding charges of aggravated tax fraud.
AI-generated summary
Why It Matters
Heart previously faced SEC charges in the U.S. for unregistered securities offerings, but the case was dismissed in February 2025 due to lack of jurisdiction.
Turkish authorities have detained Richard Heart, the founder of the Hex cryptocurrency, in Istanbul on an Interpol Red Notice, Daily Sabah reported on Wednesday, citing Turkish news agency IHA.
Heart, whose legal name is Richard James Schueler, was detained with his wife on Wednesday morning in an operation by Istanbul police and Turkey's National Intelligence Organization (MIT), according to the report. Police had monitored his address in the city's Beşiktaş district before the arrest.
Officers seized a dozen mobile phones, several laptops, graphics cards, rifles, pistols, two drones, gold bracelets and a large amount of cash in different currencies, IHA reported.
A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition or similar legal action, and is not an international arrest warrant. Interpol issued the notice for Heart in 2024 at the request of Finland. The notice lists a single charge, aggravated tax fraud, though Finnish authorities have also sought him over an alleged assault. Daily Sabah described the notice as relating to high-value cryptocurrency fraud.
Heart launched Hex in 2018, marketing it as a high-yield "blockchain certificate of deposit."
In 2023, the SEC charged Heart and three entities he controlled, Hex, PulseChain and PulseX, with conducting unregistered offerings of crypto asset securities that raised more than $1 billion. It also accused him of misappropriating at least $12 million of investor funds to buy luxury goods, including sports cars, watches and a 555-carat black diamond known as "The Enigma."
A federal judge dismissed the complaint in February 2025 for lack of jurisdiction, finding that Heart's activities were not clearly aimed at U.S. investors. The SEC declined to amend it by an April deadline, ending the case, which Heart's lawyer called "a complete victory."
It was not immediately clear whether Finnish authorities have requested Heart's extradition from Turkey.
Open Questions
- Will Finland formally request extradition?
- What is the status of the alleged assault charge?
