Hex and PulseChain founder Richard Heart reportedly entered police custody in Istanbul on Wednesday, following an operation involving Turkish intelligence agency MİT and local police. Turkish media identified Heart, whose legal name is Richard James Schueler, as the suspect detained at a residence in Beşiktaş.
Authorities reportedly seized $4 million in cash, 64 luxury watches, and electronic devices. The reported detention comes as Finnish authorities seek Heart over alleged aggravated tax fraud.
Finnish Authorities Seek Heart Over Tax Allegations
An Interpol Red Notice links Heart to Finland’s investigation into alleged aggravated tax fraud. The notice requests international assistance in locating and provisionally arresting wanted individuals.
Additionally, Turkish reports reference an earlier US Securities and Exchange Commission lawsuit against Heart. However, a judge dismissed that case in February 2025, and the SEC declined to amend its complaint in April.
HEX and PulseChain Tokens Face Selling Pressure
Consequently, reports of Heart’s detention triggered sharp declines across tokens associated with his projects. HEX fell 28% during the day, extending losses from its 2021 peak near $0.44. The token has already lost more than 99% of its peak value.
Meanwhile, PulseChain’s native PLS token dropped 33% within 24 hours. It has also shed nearly 98% since its 2023 launch.
Moreover, the reported seizure of luxury watches draws attention to Heart’s public displays of wealth. He previously showcased dozens of expensive watches, claiming they were worth $10 million in 2022. The latest developments could intensify investor concerns about both projects.
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