HEX founder Richard Heart reportedly held in Turkey; tokens plunge
Richard Heart, legally known as Richard James Schueler, was reportedly detained in Istanbul on Oct. 14 in an operation involving Turkish intelligence and police. Authorities reportedly seized $4 million in cash, 64 luxury watches, and electronic devices. HEX fell 28% and PulseChain's PLS token dropped 33% after the reports, amid a Finnish tax-fraud investigation and an Interpol Red Notice.
Turkish intelligence and police reportedly detained Schueler at a Beşiktaş residence on Oct. 14. Authorities allegedly seized $4 million cash, 64 luxury watches, and electronic devices. The reported detention follows Finnish scrutiny of suspected aggravated tax fraud; Finland is seeking him, and an Interpol Red Notice asks for help locating and provisionally arresting him.
Coverage also mentioned a U.S. SEC lawsuit against Heart. A judge dismissed it in February 2025, and the SEC declined to amend its complaint that April. HEX fell 28% on Oct. 14 and has dropped over 99% from its 2021 peak near $0.44. PulseChain’s PLS token declined 33% in 24 hours and nearly 98% since its 2023 launch.
The reported detention and sharp token declines could unsettle holders of HEX and PulseChain, many of whom may face further losses or reduced liquidity. It may also draw more attention to cross-border tax enforcement and how digital-asset founders’ legal troubles affect investor confidence. Broader crypto markets could see short-term caution, though the impact may stay limited to these tokens and their communities.