Richard Heart, the founder of the Hex, PulseChain and PulseX crypto projects, has been arrested in Istanbul alongside his wife, according to local Turkish media reports cited by CoinDesk. The operation reportedly involved Turkish police and intelligence officers and took place at a residence in the Beşiktaş district on Wednesday.
Arrest follows international legal concerns
Heart, whose legal name is Richard James Schueler, was reportedly wanted in Finland over allegations of tax fraud and assault. Those allegations led to an Interpol Red Notice, an international request to locate and provisionally arrest a person pending further legal action.
The reported detention adds to a series of legal challenges surrounding the crypto founder. 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. The regulator also alleged that Heart and PulseChain misappropriated at least $12 million in investor funds.
That U.S. case did not proceed to trial. A judge dismissed the SEC’s complaint in 2025, ruling that the court lacked jurisdiction because the project had not specifically targeted investors in the United States. The dismissal was therefore based on jurisdiction rather than a finding that the allegations had been proven or disproven.
Reported items seized in raid
Turkish media reported that officers took $4 million in cash, 64 luxury watches, firearms and electronic equipment during the raid. The reported seizure figures have not been confirmed by Turkish police, according to the source material.
The presence of firearms and electronic equipment was included in local media reports, but no further details about the items, the alleged offenses under investigation in Turkey or the next legal steps were provided. The reports also did not establish whether Heart would remain in Turkey or be transferred in connection with the Finnish allegations.
Heart is best known for launching Hex, PulseChain and PulseX, crypto projects that attracted attention during the broader expansion of digital-asset markets. Legal proceedings involving project founders can affect how investors, regulators and courts assess the structure and international reach of crypto ventures, although the reported arrest itself does not determine the outcome of any case.
Market picture
Moneyiar market data at 9:04 p.m. Tehran time on October 15, 2026, showed Polygon’s former MATIC token, now listed as POL, at $0.0955241653, down 0.14% over 24 hours and 3.13% over seven days. Sei was at $0.0618297997, down 0.56% in 24 hours and 7.52% over seven days.
Loaded Lions traded at $0.0012706756, up 2.48% over 24 hours but down 7.47% over seven days. These figures describe the selected assets at the stated time and do not indicate a direct market reaction to Heart’s reported arrest.
