Richard Heart, the founder of HEX, PulseChain and PulseX, was reportedly detained by Turkish police and intelligence officers in Istanbul on October 14, 2026. The operation followed an Interpol Red Notice issued at the request of Finnish authorities in December 2024. Heart’s legal name is Richard James Schueler. Reports indicate he was taken into custody along with a woman identified as his wife at a residence in the Beşiktaş district.

Details of the Istanbul Operation

Turkish media described a coordinated early-morning raid involving the National Intelligence Organization, known as MİT, Istanbul police, financial crimes investigators and Interpol personnel. Authorities had monitored the address after linking it to the subject of the Red Notice. Officers entered the property and detained both individuals. The reports state that the action was conducted under the coordination of the Istanbul Chief Public Prosecutor’s Office.

Accounts of items recovered during the search differ across Turkish outlets. Several publications stated that investigators seized approximately $4 million in cash in various currencies, along with 64 luxury watches that included Rolex and Patek Philippe models. Other reports cited lower figures, including about $600,000 in cash and 24 watches. Additional items listed in the coverage include multiple mobile phones, laptops, graphics cards, storage devices, two drones, gold jewelry, firearms such as pistols and rifles, ammunition and magazines. Some descriptions also mentioned cryptocurrency-related equipment. Precise ownership, valuations and final inventories have not been independently verified, and no official inventory has been released by Turkish authorities.

Background of the Finnish Investigation

The Interpol Red Notice stems from a Finnish criminal inquiry. Finnish authorities have pursued Heart over alleged aggravated tax fraud involving substantial cryptocurrency-related income spanning several years beginning as early as 2020. A separate allegation of assault from a 2021 incident has also been referenced in connection with the case. Finnish investigators previously obtained an arrest warrant in absentia and placed Heart on Europol’s most-wanted list. Earlier seizures in Finland included luxury watches valued at roughly $2.6 million from a property in Espoo. A Red Notice functions as a request for law enforcement worldwide to locate and provisionally arrest a person pending extradition or similar legal action; it is not itself an international arrest warrant.

At the time of the initial reports, neither Turkish nor Finnish officials had issued public statements confirming the detention or outlining next steps. It remained unclear whether Finland had formally requested extradition from Turkey. Heart and his legal representatives had not publicly commented.

Prior U.S. Regulatory Action

Heart previously faced a civil lawsuit from the U.S. Securities and Exchange Commission. In 2023 the agency alleged that he and entities linked to HEX, PulseChain and PulseX conducted unregistered securities offerings that raised more than $1 billion. The complaint further claimed that at least $12 million of investor funds was used for luxury purchases, including automobiles, watches and a large black diamond. A federal judge dismissed the case in 2025, finding insufficient jurisdictional connections to the United States. The SEC declined to amend the complaint, ending the matter without a ruling on the underlying allegations.

Market Reaction in Associated Tokens

News of the reported detention prompted sharp declines in tokens tied to Heart’s projects. HEX fell approximately 28 to 30 percent on the day. PulseChain’s native token PLS dropped between 33 and roughly 50 percent within 24 hours in some reports. PulseX also declined by about 31 percent. These moves extended long-term losses from earlier peaks for the assets. Trading volumes rose amid the selling pressure, though liquidity constraints amplified price swings according to market data cited in coverage.

Heart has long maintained a public profile centered on displays of personal wealth, including collections of high-end watches that he previously valued in the millions of dollars. The reported inventory recovered in Istanbul has drawn attention to that aspect of his image. Formal confirmation of charges, custody status and any potential transfer to Finland remained pending as reports continued to circulate.