Turkish media report that Hex founder Richard Heart has been detained; police seized $4 million and 64 watches; HEX fell 25%.

Richard Heart, founder of Hex and PulseChain, was detained by police in Istanbul in a coordinated operation involving Turkey’s National Intelligence Organization (MİT) and local police. Turkish media reported the news on Wednesday. Authorities have not officially confirmed the incident.

According to the two media outlets Sözcü and Haberler, Heart, whose legal name is Richard James Schueler, was detained at a house in the Beşiktaş district. Authorities are said to have seized $4 million in cash, 64 luxury watches, and various electronic devices. The Block contacted Istanbul police and the International Criminal Police Organization (Interpol) for confirmation but has yet to receive a response.

According to Interpol’s Red Notice, Heart is wanted by Finnish authorities in connection with aggravated tax fraud allegations. A Red Notice is an international request to locate and provisionally arrest a wanted person.

Heart has long been known for flaunting his collection of luxury watches and outfits from brands such as Burberry, Gucci, and Louis Vuitton. The watches in images released by Turkish media appear to match some of the 32 pieces Heart showed in a video posted on Twitter in 2022. At the time, he claimed the collection was worth a total of $10 million.

Turkish media reports also revisited previous allegations against Heart by the U.S. Securities and Exchange Commission (SEC). However, the lawsuit was closed in 2025. In February 2025, a judge dismissed the case, and in April, the SEC decided not to amend its complaint due to insufficient evidence.

Related tokens plunge

The market reacted negatively as soon as news of the detention emerged. HEX fell 25% in a day and is currently trading below one cent. The token had already lost more than 99% of its value from its 2021 peak of around $0.44.

PulseChain, an Ethereum-based blockchain network launched by Heart in 2023, also came under similar pressure. Its native token, PLS, fell 35% over the past 24 hours and has lost nearly 98% of its value since launch.

This development highlights how heavily projects can depend on their founders’ public image. For ecosystems closely tied to a single individual, such as Hex and PulseChain, the leader’s legal risks can quickly become market risks. It remains unclear whether Heart will be extradited to Finland or what the next legal steps will be. Information related to the case is still awaiting official confirmation from the authorities.