HEX Founder Richard Heart Detained in Istanbul on Finnish Interpol Notice

Richard Heart, the legal name Richard James Schueler, was detained in Istanbul on October 14, 2026, following an early morning raid at his residence in the Beşiktaş district, according to Turkish media reports. The detention was triggered by an Interpol Red Notice requested by Finnish authorities citing aggravated tax fraud allegations.

Turkish police and intelligence officers conducted the operation at dawn, seizing approximately $4 million in cash, 64 luxury watches, firearms, phones, jewelry, and electronics from the address. Turkish police have not officially confirmed the detention as of this writing.

The Interpol Red Notice, which Interpol's public records identify as originating from Finland and listing aggravated tax fraud as the basis, is the mechanism that appears to have prompted Turkish enforcement action. Turkish media also linked the detention to separate assault allegations. Turkey is acting on a request from a third jurisdiction, not on domestic charges, which raises open questions about the procedural path forward, including whether Finland will seek extradition.

Heart is best known as the founder of HEX, a blockchain-based certificate-of-deposit token, and PulseChain, a proof-of-stake network that forked from Ethereum. Both projects attracted substantial retail participation and sustained criticism over their promotional mechanics. Heart himself cultivated a deliberately provocative public persona, routinely clashing with regulators and critics alike.

His most significant prior legal challenge came from the U.S. Securities and Exchange Commission, which filed suit alleging unregistered securities offerings tied to HEX, PulseChain, and the PULSEX token. That case was dismissed in 2025, a meaningful legal victory that Heart's supporters cited as vindication. The Finnish tax matter is an entirely separate legal front, rooted in European tax law rather than U.S. securities regulation.

The scale of the asset seizure, $4 million in cash and 64 watches alone, will likely face legal scrutiny over proportionality and due process, particularly given that no formal charges have been publicly filed. Detention under an Interpol Red Notice does not constitute conviction, and Heart's track record of successfully contesting regulatory actions means any outcome remains uncertain.

Heart's detention is the latest in a series of enforcement actions targeting high-profile crypto founders across multiple jurisdictions, a trend that has accelerated markedly since 2024. The BitMEX lawsuit in the UK over unlicensed derivatives trading illustrated how cross-border legal exposure can surface years after the underlying conduct. Heart's case adds a tax dimension that regulators in several European countries have signaled is a growing priority: founders who accumulated significant wealth during the 2020-2021 bull cycle are now facing retrospective scrutiny over whether that wealth was properly declared.

Finland's involvement is notable. The country has a reputation for aggressive tax enforcement and relatively low thresholds for criminal referrals in tax matters. An "aggravated" classification under Finnish law typically involves large sums or deliberate concealment, both of which carry substantially heavier penalties than standard tax non-compliance.

Heart has not issued a public statement as of publication time. Turkish police confirmation of the detention remains outstanding, and the legal process, including any extradition proceedings, is at an early stage.