HomeCryptocurrency NewsRichard Heart Reportedly Detained in Istanbul as Tokens Fall

Richard Heart Reportedly Detained in Istanbul as Tokens Fall

Author GNcrypto

Posted: 15 October 2026, 09:13 CET 1 min read

Richard Heart was reportedly detained in Istanbul on October 14 in an operation involving Turkish intelligence and police. HEX fell 28%, while PulseChain’s PLS token dropped 33%.

Richard Heart was reportedly taken into custody in Istanbul on October 14 during an operation involving Turkey’s intelligence agency MİT and local police. Turkish authorities identified Heart, whose legal name is Richard James Schueler, as the suspect detained at a residence in Beşiktaş.

Authorities reportedly seized $4 million in cash, 64 luxury watches and electronic devices during the operation.

The reported detention follows an investigation in Finland into alleged aggravated tax fraud. Finnish authorities are seeking Heart, and an Interpol Red Notice requests international assistance to locate and provisionally arrest him.

Reports from Turkey also referred to a lawsuit filed against Heart by the U.S. Securities and Exchange Commission. A judge dismissed the case in February 2025, and the SEC declined to amend its complaint in April.

HEX fell 28% on October 14 after reports of Heart’s detention. The token has lost more than 99% from its 2021 peak of nearly $0.44. PulseChain’s PLS token fell 33% in 24 hours and has declined nearly 98% since its launch in 2023.

Heart founded HEX and PulseChain. In 2022, he displayed dozens of luxury watches and said they were worth $10 million.

The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.