Turkey confirms Richard Heart arrest, says police seized $7.15 million and six cold wallets

Turkey has confirmed the Richard Heart arrest. Justice Minister Akın Gürlek said on Saturday, October 17, that the founder of Hex and PulseChain is in custody in Istanbul and that police seized $7.15 million in cash and six cold wallets during searches tied to the case, according to The Block. Heart, whose legal name is Richard James Schueler, was first detained with his wife on Wednesday, October 14, in a raid that Turkish media had reported days before any official comment.

For anyone who has followed Heart since the 2019 launch of Hex, the news lands as the latest turn in a long legal story that crossed three countries. Here is what Turkish officials said, what was seized, how the case connects to Finland and the United States, and what holders of HEX and PLS should keep in mind.

What happened in Istanbul

According to Protos and The Block, the operation began early Wednesday in the Beşiktaş district of Istanbul. Istanbul's chief prosecutor's office ran the case with the city police's intelligence and financial crimes units, and Turkey's national intelligence agency, MİT, provided support. Protos reported that Interpol was also part of the coordination.

Gürlek's later statement, as reported by The Block, said searches covered 15 addresses across Beşiktaş, Üsküdar and Sarıyer. Police later detained three more people they identified as Heart's bodyguards.

What police say they seized

The list Gürlek published is long. The Block reported these items:

• $7.15 million in cash plus 160,000 Turkish lira
• Six cold wallets, the offline devices used to store crypto keys
• 28 watches and 97 pieces of jewelry
• 300 bags
• 19 graphics cards, hardware often used for mining
• Seven firearms (four long barreled rifles and three unlicensed pistols) and 1,400 rounds of ammunition

Anadolu Agency also reported that nine vehicles registered to Heart's wife were impounded.

The numbers have shifted since Wednesday. Early Turkish reports cited by Protos and The Block put the cash at $4 million and the watch count at 64. Those figures do not match the minister's official tally, and no one has explained the gap publicly. Readers should treat the official statement as the most current account, while keeping in mind that judicial proceedings and the examination of seized material are still ongoing, as Gürlek himself said.

Why the Richard Heart arrest matters

Heart has been one of the most visible and divisive figures in crypto for years. He promoted Hex as a kind of blockchain certificate of deposit, then launched PulseChain and its PLS token in 2023. Supporters built an online community around both. Critics called the projects a scam. Regulators on two continents took an interest.

The Finland red notice

The arrest rests on an Interpol Red Notice that Finland issued in December 2024. According to Protos, Finnish authorities want Heart over suspected aggravated tax fraud involving hundreds of millions of euros in unpaid tax, and over an alleged assault in 2021. The Block reported that Gürlek linked the Red Notice to allegations of $1 billion in crypto fraud in the United States and Finland.

Protos also noted that Heart no longer appears on Europol's most wanted list, which it said was likely a result of the arrest.

The SEC case that went away

In 2023 the Securities and Exchange Commission sued Heart, accusing him of selling more than $1 billion in unregistered securities through Hex, PulseChain and PulseX, and of misusing millions of dollars from those projects. Protos summarized the SEC's claims that he spent around $12 million on sports cars, watches and a 555 carat black diamond known as "The Enigma."

That lawsuit did not survive. A federal judge dismissed it in February 2025 on jurisdictional grounds, and in April 2025 the SEC chose not to file an amended complaint, The Block reported. So in the United States, at least for now, Heart faces no active SEC case. The Turkish arrest does not change that by itself.

We have covered other crypto founders whose legal troubles followed them for years, including the lifetime crypto ban former Celsius CEO Alex Mashinsky accepted in New York. The pattern is similar: outcomes often arrive slowly, through settlements, foreign courts or tax cases rather than one dramatic ruling.

Who is affected

HEX and PLS holders

The token market reacted fast. On the day of the first reports, HEX fell about 25% and PLS dropped about 35% over 24 hours, according to The Block. Protos, citing CoinGecko, put the HEX drop at almost 45%. On Saturday, after the official confirmation, The Block said HEX was down roughly 14% over the prior 24 hours. Both tokens were already far below their peaks before any of this. The Block said HEX had fallen more than 99% from its 2021 high of around $0.44, and PLS was down nearly 98% since launch.

Low prices and thin trading can lead to sharp swings in both directions. Someone holding these tokens should expect more volatility as court news comes out.

People who interacted with Heart's projects

Protos reported allegations that Heart tried to move about $500 million in crypto through transactions resembling mixer activity. Allegations are not findings. Still, holders of related tokens should be wary of anyone who contacts them offering "recovery" services or claims about seized funds. That is a common follow up scam after high profile arrests. Our guide on how to spot a crypto scam covers the usual warning signs.

What you can do now

If you own HEX, PLS or PulseX tokens, a few practical steps make sense:

1. Do not panic sell based on headlines alone. Prices are already deeply discounted, and liquidity is thin. Decide based on your own plan and risk tolerance.
2. Keep your keys under your control. The seizure of six cold wallets is a reminder of how much value can sit on small devices. If you need a refresher, read how crypto wallets work.
3. Ignore unsolicited offers. No legitimate agency will message you on social media asking for a fee to return funds.
4. Keep records. If you sold at a loss, that may matter at tax time. Our explainer on crypto taxes walks through what the IRS expects.

What to watch next

Several open questions will shape the next few weeks:

• Extradition. The Block said it was unclear whether Turkey had received a formal extradition request. Finland is the most obvious country to ask, given its Red Notice.
• Charges in Turkey. Protos reported that the investigation targeted an alleged international fraud network based in Istanbul with offices in the United States, Finland and Spain. Whether Turkish prosecutors bring their own case is not yet known.
• The seized wallets. Six cold wallets could hold far more than the cash total. Authorities have not said what is on them.
• Statements from Heart's lawyers. The Block said it reached out to the Helsinki Police Department and to David Kirk, Heart's attorney in the SEC case. No response had been published at the time of reporting.

For broader regulatory news, see our crypto coverage.

Frequently asked questions

Why was Richard Heart arrested in Turkey?

Turkish authorities detained him in connection with an Interpol Red Notice issued by Finland in December 2024, which cites suspected aggravated tax fraud and an alleged assault. Turkey's justice minister also linked the case to fraud allegations in the United States and Finland.

What did police seize?

According to Justice Minister Akın Gürlek, police seized $7.15 million in cash, 160,000 Turkish lira, six cold wallets, watches, jewelry, bags, graphics cards and seven firearms with ammunition.

Is the SEC still suing Richard Heart?

No. A federal judge dismissed the SEC case in February 2025 on jurisdictional grounds, and the SEC declined to refile in April 2025.

What happened to the HEX price?

HEX fell sharply after the arrest reports, with estimates ranging from about 25% to almost 45% on the first day, and dropped about 14% more in the 24 hours before Saturday's confirmation.