Hex and PulseChain founder Richard Heart detained in Turkey over tax evasion allegations: Report
Authorities reportedly detained Heart and his wife following an intelligence operation, after Finland sought him over suspected tax evasion and assault.
Turkish authorities have detained Hex and PulseChain founder Richard Heart in Istanbul, according to local media reports Wednesday. Police and the countryās National Intelligence Organization carried out the operation.
Authorities also detained Heartās wife, identified by the initials A.K., in Istanbulās BeÅiktaÅ district. Daily Sabah reported the arrests, citing Ihlas News Agency. Heartās legal name is Richard James Schueler.
Before the operation Wednesday morning, authorities monitored the address. Subsequent searches reportedly uncovered mobile phones, laptops, graphics cards, firearms, two drones, gold bracelets and cash in several currencies. However, the reports did not specify the total value of those items.
Finnish authorities sought Heart over tax evasion allegations
Interpol previously issued a Red Notice for Heart at Finlandās request. Finnish authorities sought him over suspected aggravated tax evasion and assault. Those allegations became public in 2024.
Some Turkish coverage described the case as cryptocurrency fraud. However, earlier reporting on the Finnish investigation placed the suspected tax evasion between June 2020 and April 2024. A separate assault allegation dates to February 2021.
Heart founded Hex and PulseChain
Heart is a crypto entrepreneur best known for founding Hex, PulseChain and PulseX. Hex launched in 2019 as an Ethereum token that rewards holders for locking their tokens for specified periods. Heart promoted it as a blockchain based alternative to a certificate of deposit.
Later, PulseChain launched in 2023 as a separate blockchain based on Ethereumās software. It copied Ethereumās blockchain state, including token balances, at launch. Its native token, PLS, pays transaction fees.
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Meanwhile, PulseX operates as a decentralized exchange on PulseChain where users can swap tokens and provide liquidity.
Heart also built a devoted following through online broadcasts and appearances. He became known for displaying luxury watches, sports cars and other expensive purchases.
US court dismissed separate SEC lawsuit
Those purchases later featured in a separate US Securities and Exchange Commission lawsuit.
In July 2023, the SEC sued Heart, Hex, PulseChain and PulseX. It alleged their unregistered crypto offerings raised more than $1 billion.
The agency also accused Heart and PulseChain of misappropriating at least $12 million in investor funds for luxury goods. Those purchases allegedly included a 555 carat black diamond known as the Enigma.
However, a US federal judge dismissed the lawsuit in February 2025. The judge found that the SEC had not established personal jurisdiction over Heart.
The agency subsequently declined to amend its complaint in April, according to his lawyers. The dismissal therefore concerned jurisdiction rather than a ruling on the merits of the allegations.
The Finnish investigation, meanwhile, is separate from that civil case. The Turkish reports did not establish whether extradition proceedings had begun or detail any new charges in Turkey.