Quick answer: Yes. Richard Heart, the founder of HEX, PulseChain and PulseX, was arrested in Istanbul on Oct. 14, 2026, under a Finnish Interpol Red Notice, Turkish media reported. HEX fell about 28% from its pre-news price to $0.00064 by Oct. 15, per CoinGecko.
Richard Heart arrested: the news hit crypto feeds on Wednesday, Oct. 14, 2026. Turkish police and intelligence officers detained the HEX, PulseChain and PulseX founder in Istanbul that morning, according to the İhlas News Agency (IHA), as carried by Daily Sabah. Heart, whose legal name is Richard James Schueler, was held with his wife at an address in the Beşiktaş district.
The tokens tied to his projects sold off fast. HEX traded near $0.000883 at 09:00 UTC on Oct. 14, before the reports spread. By 14:11 UTC on Oct. 15, it was near $0.000638, about 28% lower, according to CoinGecko.
Why was Richard Heart arrested in Istanbul?
The operation was linked to an Interpol Red Notice requested by Finland, Turkish media reported. Istanbul police intelligence and financial-crimes units ran it with support from Turkey’s National Intelligence Organization (MİT), after a period of physical and technical surveillance.
Finnish police suspect Schueler of gross tax fraud. Helsinki police believe he avoided about €280 million in taxes on his crypto business, Finnish daily Helsingin Sanomat reported. A Helsinki court remanded him in custody in absentia in September 2024. He is also suspected of assault, Finnish broadcaster Yle reported, as cited by CryptoSlate.
However, Finnish police had not confirmed the arrest to Helsingin Sanomat as of Wednesday evening. Heart has not been charged with any crime in Turkey, based on public reports, and he remains presumed innocent.
What did police reportedly seize?
Reports differ. Turkish news agency DHA, carried by Hürriyet, listed 64 luxury watches, 20 gold bracelets, seven gold chains, $600,000 and €2,600 in cash. CoinDesk cited Turkish reports of $4 million in cash, but noted police had not confirmed those figures. IHA also listed phones, laptops, graphics cards, two drones and several firearms.
Is this linked to the SEC case against HEX?
No. That was a separate U.S. civil case. In July 2023, the SEC accused Heart, HEX, PulseChain and PulseX of raising more than $1 billion through unregistered offerings. It also alleged that at least $12 million was misused for luxury goods.
On Feb. 28, 2025, Judge Carol Bagley Amon dismissed the complaint, finding the SEC had not shown enough U.S. links. The SEC later dropped the case. That ruling did not touch the Finnish suspicions.
How much did HEX and PulseChain tokens fall?
The selling hit the whole ecosystem. Here is how CoinGecko hourly prices moved from 09:00 UTC on Oct. 14 to 14:11 UTC on Oct. 15:
| Token | Before reports | Low | Oct. 15 | Change |
|---|---|---|---|---|
| HEX (Ethereum) | $0.000883 | $0.000493 | $0.000638 | about −28% |
| pHEX (PulseChain) | $0.00229 | $0.000955 | $0.00135 | about −41% |
| PLSX (PulseX) | $0.00000694 | $0.00000363 | $0.00000451 | about −35% |
Cointelegraph put HEX’s market cap loss at about $160 million, from over $500 million to about $340 million, citing CoinMarketCap. For context, HEX traded above $0.44 in September 2021. PLS data on CoinGecko was too thin to give a reliable figure.
What happens next for Richard Heart and HEX holders?
A Red Notice is not an international arrest warrant. It asks police to find and hold a person while extradition is sought, and each country acts under its own laws. So a Turkish court must now decide on detention and any Finnish extradition request. No official timeline was public as of Oct. 15.
For holders, the risk is key-person risk. HEX and PulseChain run as smart contracts and a blockchain, so they do not stop because a founder is detained. Still, the brand, marketing and community lean heavily on Heart. Watch three things: official word from Finnish police, any Turkish court ruling, and liquidity on PulseX.
Market implications
The wider market was already weak. Bitcoin dipped toward $80,000 on Oct. 15 amid a sharp Korean stock sell-off, CoinDesk reported, and Ethereum traded near $2,370. That makes it harder for HEX to rebound on its own.
Founder-driven tokens often swing hard on legal news. Before you trade, review our guide to DeFi risks. Also, expect fake “recovery” and “airdrop” offers around this story; our guide on how to spot crypto scams can help.
Richard Heart Arrest FAQ
Was Richard Heart arrested?
Yes, according to Turkish media. Richard Heart (Richard James Schueler) was detained with his wife in Istanbul’s Beşiktaş district on Oct. 14, 2026, under an Interpol Red Notice requested by Finland. Finnish police had not confirmed the arrest as of that evening.
Why is Finland looking for Richard Heart?
Helsinki police suspect gross tax fraud, saying he avoided about €280 million in taxes on his crypto business, per Helsingin Sanomat. Yle also reported an assault suspicion. A Helsinki court remanded him in absentia in September 2024.
How much did HEX drop after the arrest news?
HEX fell from about $0.000883 before the reports to about $0.000638 by 14:11 UTC on Oct. 15, 2026, roughly 28%, per CoinGecko. Cointelegraph said about $160 million in market value was erased.
Will HEX and PulseChain keep working?
Yes, technically. HEX is a smart contract and PulseChain is a running blockchain, so neither stops because of the arrest. The bigger risk is weaker demand, liquidity and community confidence.
Is the SEC case against Richard Heart still open?
No. A U.S. judge dismissed the SEC complaint on Feb. 28, 2025, citing weak U.S. links, and the SEC later dropped the case. It is separate from the Finnish investigation.
Sources
- Türkiye nabs Interpol-wanted crypto fugitive in Istanbul operation — Daily Sabah (IHA)
- Interpol’ün aradığı ‘Balina’ İstanbul’da yakalandı — Hürriyet (DHA)
- Finland-wanted crypto millionaire detained in Turkey — Helsingin Sanomat
- Hex founder Richard Heart arrested in Istanbul, Turkish media report — CoinDesk
- HEX founder Richard Heart detained in Istanbul via Interpol warrant — CryptoSlate
- HEX token erases $160M following reports of founder’s arrest — Cointelegraph
- SEC charges Hex founder Richard Heart (July 31, 2023) — SEC
- HEX price and market data — CoinGecko
Not financial advice. Crypto assets are volatile; DYOR.
