Richard Heart Arrested in Istanbul After Years on Interpol Red Notice

Hex founder Richard Heart, whose real name is Richard James Schueler, was arrested in Istanbul on Wednesday following an Interpol Red Notice issued by Finland nearly two years ago.

Turkish police seized roughly $4 million in cash, 64 luxury watches, firearms, crypto mining rigs, and other electronics during the morning raid. Reports also list three handguns, four rifles, over 1,300 rounds of ammunition, and a dagger among the confiscated items.

The tax fraud allegations behind the notice

Finland's Red Notice, published in December 2024, accuses Heart of aggravated tax fraud involving hundreds of millions of euros in unpaid taxes. The notice also references an alleged assault on a minor from 2021, adding a criminal dimension beyond the financial charges.

SEC case history and the Tornado Cash link

The U.S. SEC sued Heart in 2023, claiming he sold over $1 billion in unregistered securities through Hex, PulseChain, and PulseX while diverting millions for personal luxuries — including a 555-carat black diamond. That case was dismissed two years later when the SEC could not establish jurisdiction. Separately, blockchain analysts allege Heart moved roughly $500 million in ETH through Tornado Cash to obscure the funds, some of which may have financed his Istanbul residence.

Why this matters for crypto

Heart's arrest shows that Interpol coordination can still reach high-profile crypto figures who attempt to hide across borders. It also underscores how on-chain tracing and mixer surveillance continue to pierce privacy layers, turning obfuscated flows into investigative leads that regulators can act on.