Hex Founder Richard Heart Detained in Istanbul with Guns, Cash, Phones: Report
Turkish police and intelligence officers reportedly seized rifles, pistols, phones, laptops, drones, gold bracelets and cash at his Beşiktaş address.
Turkish media say Richard Heart, founder of Hex, was detained in Istanbul on an Interpol Red Notice issued at Finland's request over alleged tax fraud.
Richard Heart, founder of the Hex cryptocurrency, was detained in Istanbul on Wednesday, Turkish media reported.
Daily Sabah, citing Turkish news agency IHA, said police and Turkey's National Intelligence Organization (MIT) detained Heart, whose legal name is Richard James Schueler, along with his wife at an address in the Beşiktaş district. Officers reportedly seized a dozen mobile phones, several laptops, graphics cards, rifles, pistols, two drones, gold bracelets and cash in different currencies.
The detention was based on an Interpol Red Notice issued in 2024 at Finland's request. The notice lists one charge, aggravated tax fraud. Finnish authorities have also sought Heart over an alleged assault, according to the reports. A Red Notice is a request to locate and provisionally arrest someone pending extradition, not an international arrest warrant.
The backstory
Heart launched Hex in 2018, marketing it as a high-yield 'blockchain certificate of deposit.' In 2023, the U.S. Securities and Exchange Commission accused Heart and three related entities of raising more than $1 billion through unregistered crypto offerings. The SEC also alleged he misused at least $12 million of investor funds on luxury goods, including sports cars, watches and a 555-carat black diamond called 'The Enigma.'
A federal judge dismissed that SEC case in February 2025 for lack of jurisdiction, saying Heart's activities were not clearly aimed at U.S. investors. The SEC did not amend the complaint by the April deadline, ending the case.
What happens next
It was not immediately clear whether Finnish authorities have requested Heart's extradition from Turkey.
The takeaway: A high-profile crypto founder is in custody in Istanbul on a Red Notice, but the charges tied to the notice come from Finland, not the U.S. case that was dismissed.
Summary written by Oh Cannot from the original report by Decrypt. Not financial advice.
