Hex Creator Richard Heart Arrested in Istanbul on Interpol Notice

Richard Heart Detained in Turkey

Richard Heart, the founder of the Hex cryptocurrency, was arrested in Istanbul on Wednesday by Turkish police and intelligence officials. This action was taken in response to an Interpol Red Notice issued by Finland, which seeks Heart for aggravated tax fraud.

Heart, whose legal name is Richard James Schueler, was apprehended alongside his wife during a coordinated operation that involved surveillance of their residence in the Beşiktaş district. Authorities reportedly confiscated multiple electronic devices, firearms, drones, and significant amounts of cash.

Background on the Red Notice

The Interpol Red Notice, which is not an international arrest warrant but a request for provisional arrest, was issued in 2024. It primarily concerns a charge of tax fraud, although Finnish authorities have also linked Heart to an alleged assault. Reports suggest that the notice involves high-value cryptocurrency fraud.

SEC Charges and Legal Developments

In 2023, the U.S. Securities and Exchange Commission (SEC) accused Heart of conducting unregistered crypto offerings that raised over $1 billion. The SEC also claimed he misappropriated at least $12 million in investor funds for luxury purchases, including high-end cars and a rare diamond. However, a federal judge dismissed the SEC's case in February 2025, determining there was no jurisdiction over Heart's activities, which did not specifically target U.S. investors. Following this, the SEC chose not to amend their lawsuit, effectively concluding the case and marking it as a "complete victory" for Heart, according to his legal team.

As of now, it remains uncertain whether Finland will seek Heart's extradition from Turkey following his arrest.