Hex founder Richard Heart arrested in Istanbul, Turkish media report
Richard Heart, the founder of the Hex cryptocurrency project, has been arrested in Istanbul following an Interpol Red Notice related to fraud and assault allegations in Finland. The arrest follows years of legal scrutiny, including a previously dismissed SEC case regarding unregistered securities offerings.
Why it matters
The arrest highlights the ongoing global regulatory and criminal crackdown on high-profile figures within the cryptocurrency industry.
Heart, whose legal name is Richard James Schueler, was detained alongside his wife at a property in Istanbul's Beşiktaş district, the Daily Sabah wrote . Authorities reportedly seized $4 million in cash, 64 luxury watches, firearms and electronic equipment.
The arrest follows years of legal trouble for Heart, who has faced allegations in both the U.S. and Finland.
In 2023, the U.S. Securities and Exchange Commission charged Heart and three crypto projects with raising more than $1 billion through unregistered securities offerings. It also accused Heart and PulseChain of misappropriating at least $12 million in investor funds.
The SEC dropped the case in 2025 after a judge dismissed the complaint, citing a lack of jurisdiction because the project did not specifically target investors in the U.S.
Heart was wanted in Finland on allegations of tax fraud and assault, prompting an Interpol Red Notice.
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