Turkey's Justice Minister Akın Gürlek confirmed on 17 October that Richard James Schueler, better known as Richard Heart, the founder of HEX and PulseChain, was detained in Istanbul on 14 October. He was wanted under an Interpol Red Notice issued at Finland's request. Gürlek said police seized $7.15 million in cash and six cold wallets. HEX fell roughly 45-50% on the news. Heart has not been convicted of anything and is presumed innocent.

What happened

Istanbul police and Turkey's intelligence agency detained Heart at a property in the city's Beşiktaş district, according to reports. Gürlek announced the operation on X, saying searches covered 15 addresses and turned up $7.15 million in cash, six cold wallets, seven firearms and about 1,400 rounds of ammunition. One Turkish outlet put the cash at $4 million, so treat the totals as still settling.

What he's accused of

The Interpol Red Notice dates from December 2024 and was issued for Finland, where authorities want him over alleged aggravated tax fraud and an alleged assault. Turkish authorities also allege he ran an Istanbul-based fraud network with victims in the US, Finland and Spain. These are allegations, not findings. The US SEC sued Heart in 2023, but a federal judge dismissed that case in February 2025, saying it lacked enough connection to the US. Turkey hasn't said whether he'll be sent to Finland.

What it means if you hold HEX or PLS

Coverage put HEX's drop at roughly 45-50% after the news, with a partial rebound since. Big swings like this are when people make rushed decisions. Nothing about the arrest changes how the tokens work on-chain, but it does raise the risk for anyone who can't afford a large loss. Our guide to what moves crypto prices explains why news like this hits small-cap coins hardest.

The scams to watch for next

  • Fake "Richard Heart" or "HEX team" accounts offering giveaways, airdrops or a "migration" to a new token. Real projects don't ask you to send coins to get coins back.
  • "Recovery" services promising to get back money lost on HEX or PulseChain for an upfront fee. The FBI warns these are almost always a second scam.
  • Links in DMs telling you to "secure" or "move" your wallet before it's frozen. Never type your recovery phrase into any website.
  • Not sure about a message? Run it through our 2-minute scam check first.

Sources: Turkish Justice Minister Akın Gürlek on X, 17 Oct 2026, The Block, CoinDesk, Protos, FBI on recovery scams.