Turkish police detained Richard Heart, the founder of HEX and PulseChain, in Istanbul on October 14, 2026. Officers acted on an Interpol Red Notice that Finland requested in 2024. Interpol’s public notice lists aggravated tax fraud. However, no court has convicted Heart of anything, and Turkey now decides whether to send him to Finland. Below, I break down what happened, what comes next, and why I never touched his products.
Richard Heart Arrested: What Happened in Istanbul
Turkish media reported the operation on Wednesday morning. Istanbul police and Turkey’s intelligence agency, MIT, carried it out together. Before the raid, officers had watched his address in the Beşiktaş district. They also detained his wife.
Outlets differ on what officers took from the home. Some report about $4 million in cash and 64 luxury watches, including Rolex and Patek Philippe. Another outlet reports about $600,000 and far fewer watches. Officers reportedly took firearms and electronics too. Because Turkish officials have not confirmed these figures, treat them as unverified. No public statement from Heart had surfaced at the time of writing.
What Is an Interpol Red Notice?
A Red Notice is not an international arrest warrant. Instead, it asks police worldwide to locate a person and arrest them provisionally. That arrest holds until a court rules on extradition. Finland asked Interpol for this notice in 2024. So the detention in Istanbul is not a verdict. It starts a process in Turkish courts. Meanwhile, reports say it is not yet clear whether Finland has filed a formal extradition request.
Who Is Richard Heart?
Richard Heart is the public name of Richard James Schueler. Reports say he is American-born and lived in Finland for several years. He built his name on HEX, a token that promised staking rewards for locking up coins.
Then came PulseChain, a fork of Ethereum, and PulseX, a Uniswap-style exchange on that chain. PulseChain launched in May 2023 as a copy of Ethereum’s balances at an airdrop snapshot. So anyone holding ETH, USDC, or NFTs on Ethereum at that moment had a matching copy on PulseChain. For airdrop farmers, that looked like a giant free airdrop. If you want the basics, read our explainer on how crypto airdrops work. Heart also built a loud public image around watches, cars, and wealth.
The SEC Case and the Finnish Case
These are two separate legal matters. First, the US Securities and Exchange Commission sued Heart in July 2023. It accused him of raising more than $1 billion through unregistered offerings of HEX, PulseChain, and PulseX. The SEC also alleged he used at least $12 million of PulseChain proceeds for luxury purchases, including a giant black diamond.
However, a federal judge dismissed that case in February 2025 for lack of jurisdiction. The ruling said his activity did not clearly target the United States. Afterward, the SEC chose not to amend its complaint, and the case ended.
Second, Finland wants Heart over alleged aggravated tax fraud. Reports in late 2024, citing Europol’s wanted listing, put the alleged unpaid tax at hundreds of millions of euros. Those reports also mentioned an assault allegation, which Interpol’s public notice does not list. Importantly, these remain allegations until a court rules.
What the Arrest Means for HEX, PLS, and PLSX
The market reacted fast. On the day, one tracker showed PLS down about 44% and PLSX down about 48%. However, tracked volume was tiny, so those percentages say little about real liquidity.
HEX is a different case. Its main contract lives on Ethereum and runs on its own code. Therefore, an arrest cannot switch that code off by itself. PulseChain and PulseX raise a bigger question. How much of that ecosystem depends on Heart personally? In the meantime, watch for team statements, exchange notices, and the first court dates. I never held these tokens, and this is not financial advice.
What Happens Next
Turkey now has two main paths. A Turkish court can order extradition to Finland if Finland files a formal request. Alternatively, the court can refuse, or Heart can contest the request. Cases like this often take months, so expect slow news instead of a quick ending. Still, the Finnish matter stays separate from the dismissed US case.
My Take: Why I Never Touched HEX or PulseChain
I always felt Heart was shady. Because of that feeling, I never touched HEX, and I never touched his chain. I skipped every product he launched, even when the free stuff looked tempting. Two stories from that era show how it played out.
Story One: The Bored Ape Request From Back Home
PulseChain copied Ethereum, so anything I held on Ethereum existed on PulseChain too. That included my Bored Ape NFTs. One day, a friend of a friend from my hometown sent me a DM. He asked why I was not supporting HEX, and he called it an amazing project. I told him I think Heart is a scammer, so I would rather stay away.
Then he asked a different question. Since I owned Bored Apes, he said, I had copies on PulseChain too. Would I sell or gift those copies to him if I did not plan to use them? I said no. The chain was off limits for me, and I did not want to support a spin-off of BAYC. At the time, I was heavily involved in BAYC.
He even sent me a selfie with Heart in our hometown, Nijmegen. Apparently, Heart had visited the city, and this guy met him. Even though I never touched HEX, I hope he did not go broke on it.
Story Two: The USDC Cookie Jar I Skipped
The second story involves USDC. PulseChain also copied USDC balances at the snapshot. If you held USDC on Ethereum then, you held a matching copy on PulseChain. At first, that copy had no liquidity. Then someone added USDC liquidity to a pool, and I think it ran through a bridge. I do not remember the exact details. What I do remember is the result.
Suddenly, you could swap 1 USDC on PulseChain for about 3 cents of real ERC-20 USDC. Because the copies cost nothing, that was free money for anyone holding USDC at the snapshot. I held around $100k in USDC back then. So roughly $3k sat there for the taking. I passed, because connecting my wallet to PulseChain felt too risky for $3k. Still, some of my friends did take money out of that cookie jar.
What Skipping Both Taught Me
My gut call was never a legal verdict. Courts decide that, and I will not pretend otherwise. Still, both stories share a lesson. Free tokens on a chain you do not trust can cost more than they pay. Before I farm anything, I check the founder first and the reward second. For a checklist, read our guide to crypto rug pulls and staying safe. Also, use a separate wallet for experiments, so one bad signature cannot reach your main funds.
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Final Words
Richard Heart’s detention in Istanbul is a major moment for HEX and PulseChain holders. The facts are simple so far. Turkish police detained him on a Finnish Red Notice, and no court has convicted him. From here, Turkey decides what happens next. Until then, watch for official statements, court dates, and any word from the PulseChain team.
For more profiles of the people who shaped this industry, read our Michael Saylor profile or our Vitalik Buterin profile. Meanwhile, you can browse the latest airdrops on our site.
FAQ
Who is Richard Heart?
Richard Heart is the public name of Richard James Schueler, the founder of HEX, PulseChain, and PulseX. Reports say he is American-born and lived in Finland for several years.
Why was Richard Heart arrested?
Turkish police detained him in Istanbul on October 14, 2026, because of an Interpol Red Notice that Finland requested in 2024. Interpol’s public notice lists aggravated tax fraud.
Will Richard Heart be extradited to Finland?
Not yet. First, Finland must file a formal request, and then a Turkish court weighs it. Cases like this often take months.
Did the SEC drop its case against Richard Heart?
The case ended in 2025. A federal judge dismissed it in February for lack of jurisdiction, and the SEC chose not to amend its complaint.
What is an Interpol Red Notice?
A Red Notice asks police worldwide to locate a person and arrest them provisionally, until a court decides on extradition. It is not an international arrest warrant.
What happens to HEX and PulseChain now?
HEX’s main contract runs on Ethereum, and an arrest cannot switch it off by itself. However, it is unclear how much PulseChain and PulseX depend on Heart personally.
Should I sell my HEX or PLS?
I cannot tell you that, because I never held either token. This is not financial advice, so do your own research.
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