Crypto Founder Detained in Istanbul on Interpol Notice

Turkish intelligence and law enforcement units have detained Richard James Schueler, widely known in the digital asset space as Richard Heart, in Istanbul. The apprehension on Wednesday morning was prompted by an Interpol Red Notice.

According to local media, Turkey's National Intelligence Organization (MIT) and Istanbul police moved in after monitoring the suspect’s residence in the city's Beşiktaş district. Heart, who launched his first major digital asset in 2018 and promoted it as a high-yield "blockchain certificate of deposit," was taken into custody alongside his wife.

Neither Turkish nor Finnish authorities have issued official public confirmations regarding the operation. Domestic news outlets provided sharply conflicting inventories of the assets confiscated during the raid. Citing the Ihlas News Agency, reports indicated that officers seized multiple laptops, graphics cards, a dozen mobile phones, two drones, firearms including pistols and rifles, gold bracelets, and various currencies.

Specific asset valuations varied widely depending on the publication. Daily Sabah reported the discovery of approximately $4 million in vacuum-sealed cash, alongside 53 Rolex and 11 Patek Philippe watches. In stark contrast, Euronews Türkçe reported a seizure of 24 watches, 1,360 rounds of ammunition, and cash totals of $600,000, €2,600, and 50,000 Turkish lira.

Finnish Criminal Investigations

The Interpol Red Notice, a global alert asking law enforcement to provisionally arrest a suspect pending extradition, was issued in 2024 at the request of the Finnish government. Broadcaster Yle reported that police in Finland suspect the crypto promoter of evading hundreds of millions of euros in taxes between June 2020 and April 2024. Following a criminal probe, he was remanded in absentia in September 2024.

While the Interpol notice strictly lists aggravated tax fraud as the primary charge, he is also featured on Europe’s most-wanted list regarding a separate allegation. Authorities accuse him of punching a 16-year-old in the head and face. He has not been convicted of any of these allegations.

It remains unclear whether formal extradition documents have been submitted to Turkey, though local reports suggest a potential transfer is being evaluated.

Civil Lawsuit Dismissal

The criminal arrest follows the recent conclusion of a separate civil matter in the United States. In 2023, the Securities and Exchange Commission charged the promoter and three of his affiliated entities, Hex, PulseChain, and PulseX, with conducting unregistered offerings that generated over $1 billion. The regulatory agency also accused him of misappropriating at least $12 million in investor funds to acquire luxury goods, including sports cars, watches, and a 555-carat black diamond named "The Enigma."

However, a federal judge dismissed the SEC complaint in February 2025. The court ruled that it lacked jurisdiction, noting that the marketing efforts were not specifically aimed at American investors. When the SEC declined to amend its complaint ahead of an April deadline, the case officially concluded. His lawyer described the legal outcome as "a complete victory."

Following news of the Istanbul detainment, associated tokens experienced mixed trading activity. BeInCrypto market data showed PulseChain falling 44% over a 24-hour period, while Hex increased by 3.9%.