In a dramatic turn of events, Richard Heart, the founder of HEX and PulseChain, was taken into custody in Istanbul on October 14, 2026. Turkish media sources reported that Heart, whose legal name is Richard James Schueler, was arrested in a coordinated operation involving Turkey’s intelligence agency, MİT, and local police.
Reports indicate that authorities seized $4 million in cash, along with an impressive collection of 64 luxury watches, firearms, and various electronic devices from a residence in the Beşiktaş district. A woman identified as Heart’s wife was also reportedly detained during the operation.
The seizure included a range of high-end timepieces, with Turkish reports detailing the confiscation of 53 Rolex watches and 11 Patek Philippe watches. Additionally, investigators found gold jewelry, computers, storage devices, and even cryptocurrency-related equipment. Firearms, including pistols and long guns, along with ammunition, were also mentioned in the inventory.
While the reported cash total varies, the consensus highlights a staggering amount, with some outlets confirming around $4 million was found, while others suggest figures closer to $600,000, along with smaller amounts in euros and Turkish lira. Images shared by journalists depict stacks of cash and luxury watches, though the exact inventory has yet to be independently verified.
The watches seized appear to closely resemble those showcased by Heart in a 2022 social media video, where he claimed a collection of 32 luxury watches was valued at $10 million. This raises questions about the nature of his wealth and the sources of funding.
Finnish Authorities’ Interest
Finnish authorities have been pursuing Heart over allegations of aggravated tax fraud. Reports suggest that there is also an ongoing investigation tied to an assault incident involving a minor from 2021. An Interpol Red Notice was issued at Finland’s request in December 2024, heightening the urgency of the situation.
The tax fraud allegations center on purported unpaid tax obligations linked to substantial cryptocurrency earnings. Finnish investigators had previously seized around 20 luxury watches valued at approximately $2.6 million from a property in Espoo. Furthermore, Heart has been placed on Europol’s most wanted list, although neither Turkish nor Finnish authorities have publicly confirmed the details of his recent arrest.
Impact on HEX and PulseChain Prices
The arrest has sent shockwaves through the crypto market, resulting in a significant downturn for both HEX and PulseChain tokens. Following the news, HEX plummeted by 25%, while PLS, the PulseChain token, dropped 35% within just 24 hours. These declines are particularly striking, considering HEX has already fallen over 99% from its peak of approximately $0.44 in 2021, and PLS has tumbled nearly 98% since its launch in 2023.
In a related legal development, the U.S. Securities and Exchange Commission had previously accused Heart and associated entities of conducting unregistered securities offerings that allegedly raised over $1 billion. Although a judge dismissed the SEC case in February 2025 due to jurisdictional limitations, the Finnish case remains active and unresolved.
As questions linger regarding the formal charges against Heart and the potential for extradition to Finland, the crypto community watches closely. With no public statements yet from officials, many are left speculating about the future of Heart and his ventures.
