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Richard Heart Arrested in Turkey as HEX and PulseChain Plunge

BearishHigh impact
HEXWETH_55D5C2.USD$0.0005828 −11.79%

Turkish law enforcement authorities arrested crypto founder Richard Heart, officially known as Richard James Schueler, in Istanbul on tax fraud allegations. Heart, who founded PulseChain (PLS), HEX, and PulseX (PLSX), was detained under an Interpol Red Notice requested by Finland. Authorities seized luxury goods, electronics, encrypted cold storage wallets, crypto mining equipment, and $4 million in cash during a raid in the Beşiktaş district. Finnish authorities allege Heart evaded hundreds of millions of dollars in taxes from 2020 through 2024 and faces an assault charge.

The arrest triggered heavy selling across tokens connected to Heart. PulseChain dropped roughly 45% to 50% to trade around $0.059, while PulseX declined 31% to $0.055. HEX plummeted 30% to $0.00066 as liquidity shortages exacerbated price volatility. The legal action marks a major development for the executive, who previously faced a US Securities and Exchange Commission lawsuit over investor fund usage that was dismissed due to jurisdictional limits.

Heart remains in Turkish custody as officials await formal extradition steps from Finland. Investors and market participants will monitor whether Turkish courts approve the extradition request, alongside any potential liquidity recovery across the affected crypto projects.

Key points

  • Richard Heart, founder of PulseChain, HEX, and PulseX, was arrested in Istanbul, Turkey, on tax fraud allegations.
  • The arrest was carried out under an Interpol Red Notice requested by Finland over alleged tax evasion between 2020 and 2024.
  • Turkish authorities seized $4 million in cash, encrypted cold storage wallets, and mining equipment during the operation.
  • Prices for PulseChain, PulseX, and HEX dropped sharply following news of the detention.
  • Heart remains in Turkish custody pending extradition proceedings to Finland.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

Why was Richard Heart arrested?

Richard Heart was arrested in Istanbul, Turkey, based on an Interpol Red Notice requested by Finland. He faces allegations of evading hundreds of millions in taxes between 2020 and 2024, as well as an assault charge.

How did crypto prices react to Richard Heart's arrest?

Tokens linked to Heart dropped significantly following the news. PulseChain fell roughly 45% to 50%, PulseX sank 31%, and HEX plummeted 30% as panic selling strained market liquidity.

What happens next with Richard Heart's case?

Heart remains in Turkish custody while awaiting Finland to follow up on the formal extradition process.