Founder of HEX Reportedly Detained in Istanbul This Week

Richard Heart was reportedly detained in Istanbul this week, according to Turkish media reports of a dawn raid on a home in the Beşiktaş district. The operation appears tied to an Interpol Red Notice issued at Finland's request.

Dawn Raid in Beşiktaş

Turkish media say the MIT intelligence agency and Istanbul police picked up Heart on Wednesday morning from his residence. Witnesses were present but the full scope of what was taken remains unconfirmed, as Turkish authorities have not commented officially on the detention.

Red Notice, Finland's Request

An Interpol Red Notice asks other countries to locate and provisionally arrest someone, but it is not an arrest warrant; each country decides whether to act on it. The notice was first reported in December 2024, and ties the detention to Finland's request over tax evasion and assault allegations that predate the HEX launch.

SEC Allegations and Current Scope

The U.S. Securities and Exchange Commission originally sued Heart in 2023, alleging offerings by him and three entities he controlled raised more than $1 billion in crypto assets from investors and that he misappropriated at least $12 million. Reported seizure figures differ widely across Turkish outlets, and no official confirmation has emerged from prosecutors about what, if anything, was taken from Heart's person or accounts. The detention highlights how regulatory pressure can follow project founders beyond the blockchain itself. Why this matters to crypto readers: The detention underscores how regulatory pressure can reach into project founders' personal lives, and whether a Red Notice leads to actual enforcement may set a precedent for how crypto leaders are treated across borders.