Hex and PulseChain founder Richard Heart detained in Istanbul: reports
Hex and PulseChain founder Richard Heart was taken into police custody in Istanbul during a joint operation carried out by Turkish intelligence agency MİT and local police, according to Turkish media reports on Wednesday.Sözcü and Haberler reported that Heart, whose legal name is Richard James Schueler, was detained at a residence in Istanbul's Beşiktaş district. The reports claim authorities seized $4 million in cash, 64 high-end watches and electronic devices following the arrest.Heart is infamous for showing off luxury watches and clothing from brands like Burberry, Gucci and Louis Vuitton. Watches pictured in the Turkish reports appear consistent with some of the 32 watches Heart displayed in a 2022 video on Twitter, which he claimed were worth $10 million at the time.The Block has reached out to Istanbul police and Interpol for confirmation on his custody status but has not yet received a response.According to an Interpol Red Notice, which is an international request to locate and arrest a fugitive, Heart has been sought by Finnish authorities in connection with alleged aggravated tax fraud.The Turkish reports also reference allegations brought by the U.S. Securities and Exchange Commission. However, that case ended last year after a judge dismissed the lawsuit in February 2025 and the SEC declined to amend its complaint in April on the grounds of insufficient evidence.Crypto tokens related to Heart, like Hex and Pulse, took a dive following reports of his arrest. Hex, which was already down more than 99% from its 2021 all-time high of around $0.44, fell 25% today and is trading for fractions of a cent.Heart later launched PulseChain, an Ethereum-based blockchain with a native token called PLS in 2023. PLS is down 35% in the past 24 hours and nearly 98% since inception.