Hex Founder Richard Heart Detained in Istanbul as Related Tokens Plunge
Turkish law enforcement and intelligence officers detained Hex founder Richard Heart, whose legal name is Richard James Schueler, at a residence in Istanbul's Besiktas district. Following his custody, officers seized $4 million in cash, 64 luxury watches, and electronic devices. Heart is being sought under an Interpol Red Notice issued at the request of Finnish authorities regarding alleged aggravated tax fraud. Past legal action against him by the U.S. Securities and Exchange Commission was dismissed in February 2025, with the agency opting not to amend its complaint in April 2025.
The detention triggered an immediate sell-off across digital assets tied to Heart. Hex (UNISWAP:HEXWETH_55D5C2.USD) plunged over 26% today, trading at fractions of a cent ($0.0006507). The token was already down more than 99% from its 2021 peak of roughly $0.44. Meanwhile, PulseChain's native token PLS dropped 35% over the past 24 hours, extending its decline to nearly 98% since its release in 2023.
Investors and market observers are watching for formal confirmation of Heart's custody status and further updates on potential extradition proceedings to Finland. Market participants are also monitoring whether trading volumes and liquidity across the Hex and PulseChain ecosystems suffer further instability following the loss of their creator.
Key points
- Turkish law enforcement detained Hex founder Richard Heart in Istanbul and seized $4 million in cash alongside 64 luxury watches.
- Heart is sought under an Interpol Red Notice requested by Finnish authorities over alleged aggravated tax fraud.
- Hex traded down 26.20% to $0.0006507 following reports of the detention, remaining over 99% below its 2021 record high.
- PulseChain's native token PLS dropped 35% in 24 hours and is down nearly 98% since its 2023 launch.
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Why was Richard Heart detained in Istanbul?
Richard Heart was taken into custody under an Interpol Red Notice issued at the request of Finnish authorities concerning alleged aggravated tax fraud. Authorities in Istanbul seized $4 million in cash and 64 high-end watches during his detention.
How did Hex and PLS tokens react to Richard Heart's detention?
Cryptocurrency tokens linked to Heart dropped sharply. Hex fell more than 26% to $0.0006507, down over 99% from its 2021 peak. PulseChain's PLS token fell 35% in 24 hours, down nearly 98% since its 2023 inception.
What happened to the SEC lawsuit against Richard Heart?
The U.S. Securities and Exchange Commission lawsuit against Heart ended after a judge dismissed the case in February 2025. The SEC declined to amend its complaint in April 2025 due to insufficient evidence.