Richard Heart arrested in Istanbul on Interpol Red Notice

Richard Heart, founder of HEX and PulseChain, was arrested by Turkish authorities in Istanbul following an Interpol Red Notice, according to local media reports. The founder — legally Richard James Schueler — faces charges of international crypto fraud, tax fraud and assault. Turkish media described an early-morning raid on Oct. 14 in which authorities seized $4 million in cash and 64 luxury watches from his Istanbul residence. The arrest escalates years of legal pressure on Heart: the SEC sued him in 2023 over unregistered offerings of HEX, PulseChain and PulseX, and he had been living outside the U.S. No details were disclosed on extradition proceedings or next legal steps.