Turkey detains Hex founder Richard Heart, seizes $7.15M

Hex and PulseChain founder Richard Heart was detained in Istanbul on Oct. 14, Turkey’s justice minister said on Oct. 17, and police seized $7.15 million in cash and six cold wallets in related searches, according to The Block’s report on the minister’s announcement. Heart’s legal name is Richard James Schueler.

The seizure puts the contents and control of the six wallets in question, though officials have not disclosed what they hold.

What did Turkish authorities seize?

Justice Minister Akın Gürlek said the operation began in Istanbul’s Beşiktaş district and that searches covered 15 addresses in Beşiktaş, Üsküdar and Sarıyer. Authorities also seized 160,000 Turkish lira, 28 watches, 97 pieces of jewelry, 300 bags and 19 graphics cards, Gürlek said. The inventory included four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition.

Heart’s wife was detained with him on Oct. 14, Gürlek said. Police later detained three other people whom authorities identified as the couple’s bodyguards. The Istanbul chief prosecutor’s office coordinated the operation with police intelligence and financial crimes units, with support from Turkey’s intelligence agency, MİT, according to The Block.

What is known about the cold wallets?

Officials have confirmed the seizure of six cryptocurrency cold wallets but have not disclosed their contents or value. The reported $7.15 million refers to cash; it does not establish the amount of cryptocurrency, if any, held in the devices. Gürlek said examination of seized materials and judicial proceedings were continuing.

The distinction matters because possession of a cold wallet alone does not show what assets it contains or whether investigators can access them. The public account so far identifies the devices as seized property, without reporting any transfer of cryptocurrency or describing their associated blockchain addresses.

Why was Heart detained?

Gürlek said Heart was sought under an Interpol Red Notice linked to allegations of $1 billion in crypto fraud in the United States and Finland. The Block reported that the notice was issued on Finland’s behalf in December 2024, where authorities sought Heart on suspicion of gross tax evasion and assault. These are allegations cited by Turkish officials, not findings in the Turkish proceedings.

In a separate U.S. case, a federal judge dismissed the Securities and Exchange Commission’s lawsuit against Heart in February 2025 on jurisdictional grounds, and the agency declined to refile it that April, The Block reported. Gürlek did not say whether Turkey had received an extradition request. Turkish authorities said the judicial proceedings and examination of seized materials remain ongoing.

Sources

• The Block’s report on the minister’s announcement — theblock.co