HEX founder Richard Heart has been arrested in Istanbul after Turkish police seized more than $7 million in cash, firearms, and luxury goods during raids at a Beşiktaş property. Heart, also known as Richard James Schueler, was detained on Wednesday morning along with his wife, identified as A.K., local media reported. Turkish Justice Minister Akın Gürlek confirmed the arrest. Turkish intelligence and police tracked Heart to an address in the Beşiktaş district using technical and physical surveillance, before officers moved in with teams including the National Intelligence Organization (MIT) and Istanbul police, under the Chief Public Prosecutor’s Office. The operation targeted an internationally wanted crypto fugitive. Heart was listed under an Interpol Red Notice issued at Finland’s request over allegations tied to high-profile crypto fraud. During searches, authorities seized over $7 million in cash in several currencies, along with mobile phones, laptops, graphics cards, SSDs, firearms and ammunition. Investigators also collected drones and gold bracelets and necklaces. Heart has faced years of legal trouble connected to his crypto ventures. In 2023, the US Securities and Exchange Commission (SEC) charged Heart and three entities he controlled, Hex, PulseChain and PulseX, alleging unregistered crypto asset securities offerings that raised more than $1 billion from investors. The SEC also accused Heart and PulseChain of fraud, alleging at least $12 million in offering proceeds was misappropriated to buy luxury items, including sports cars, expensive watches, and a 555-carat black diamond called The Enigma. A federal judge later dismissed the SEC lawsuit on jurisdictional grounds in 2025, and the SEC declined to amend its complaint. Following the Istanbul arrest, HEX fell sharply before recovering. Heart’s latest status is arrest by Turkish authorities in Istanbul. No further court outcome was provided in the report.