- Turkey confirmed Heart’s detention and the seizure of cash and six cold wallets.
- Finnish allegations remain separate from the SEC lawsuit dismissed in 2025.
- Officials have not disclosed wallet balances or announced an extradition decision.
Turkish Justice Minister Akın Gürlek confirmed on October 17 that Richard Heart had been detained in Istanbul three days earlier. Police seized $7.15 million in cash and six cold wallets during related searches, he said.
The HEX and PulseChain founder was taken into custody with his wife in Beşiktaş, with three alleged bodyguards detained later.
Richard Heart detention leads to searches at 15 addresses
Istanbul prosecutors coordinated the operation with police intelligence and financial crimes teams, supported by Turkey’s intelligence agency, MİT. Officers searched properties across Beşiktaş, Üsküdar and Sarıyer.
Alongside the dollars, police recovered 160,000 Turkish lira, 28 watches, 97 pieces of jewelry and 19 graphics cards. They also seized four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition, Gürlek said.
Anadolu separately reported that authorities impounded nine vehicles registered to Richard Heart’s wife. The minister said examinations of the seized materials and judicial proceedings were continuing.
Officials have not disclosed the cryptocurrency balances associated with the six cold wallets. Their seizure alone does not establish how much cryptocurrency authorities can access or whether it relates to alleged offenses.
Richard Heart faces Finnish allegations after SEC dismissal
Richard Heart, legally named Richard James Schueler, was placed on an Interpol Red Notice in December 2024. Finland sought him over suspected aggravated tax evasion and assault.
Gürlek referenced allegations involving $1 billion in cryptocurrency fraud across the United States and Finland. Those remarks should be distinguished from the Finnish allegations underlying the previously reported notice.
The separate U.S. Securities and Exchange Commission lawsuit was dismissed in February 2025 on jurisdictional grounds. The regulator declined to amend its complaint that April.
That dismissal concerned the court’s jurisdiction; it did not establish the truth or falsity of the underlying allegations. The civil complaint had alleged unregistered token offerings and misuse of investor funds for luxury purchases.
Gürlek did not say whether Turkey had received an extradition request. His announcement also did not identify a destination or timetable for any transfer.
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