Richard Heart, the founder of crypto projects Hex, PulseChain and PulseX, was arrested in Istanbul on Wednesday in a joint operation by Turkish police and intelligence officers, according to local media reports.
Heart, whose legal name is Richard James Schueler, was detained alongside his wife at a property in Istanbul's Beşiktaş district, the Daily Sabah wrote . Authorities reportedly seized $4 million in cash, 64 luxury watches, firearms and electronic equipment.
The arrest follows years of legal trouble for Heart, who has faced allegations in both the U.S. and Finland.
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. It also accused Heart and PulseChain of misappropriating at least $12 million in investor funds.
The SEC dropped the case in 2025 after a judge dismissed the complaint, citing a lack of jurisdiction because the project did not specifically target investors in the U.S.
Heart was wanted in Finland on allegations of tax fraud and assault, prompting an Interpol Red Notice.
Turkish media reported the seizure of $4 million in cash and 64 luxury watches, although police have yet to confirm those figures.
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