Turkey's justice minister confirmed that HEX founder Richard Heart was detained in Istanbul on Oct. 14. Authorities reported seizing about $7.15 million in cash, six cryptocurrency cold wallets and hundreds of luxury items. Heart still faces unresolved Finnish allegations.
Turkey's Justice Minister Akın Gürlek confirmed on Oct. 17 that Richard James Schueler, known as Richard Heart, was detained during an Oct. 14 operation in Istanbul's Beşiktaş district. The announcement marks the first official acknowledgment of the detention.
Gürlek said Schueler is a U.S. citizen reported to have an INTERPOL red notice against him over allegations of a $1 billion cryptocurrency fraud in the United States and Finland. His wife and three men described as bodyguards were also detained.
Cash, wallets and luxury goods seized
Investigators recovered approximately $7.15 million in U.S. currency, 160,000 Turkish lira and six cryptocurrency cold wallets, according to the minister's inventory. However, authorities haven't disclosed the contents or potential value of the wallets.
Authorities listed 300 bags, 100 pairs of shoes, 136 pairs of glasses, 28 watches and 97 pieces of jewelry and other valuables. Police also recovered 29 phones, 12 laptops, seven firearms and 1,400 rounds of ammunition.
Finnish red notice and the dismissed SEC case
The detention follows an Interpol Red Notice requested by Finland, where authorities have investigated allegations of aggravated tax fraud involving hundreds of millions of euros. Neither allegation constitutes a conviction, and a Red Notice isn't an international arrest warrant.
Schueler previously prevailed in a separate American dispute. The U.S. Securities and Exchange Commission sued him in 2023, and a federal judge dismissed that case in February 2025 on jurisdictional grounds.
According to Gürlek: "We will not allow anyone to view Turkey as a safe harbor for evading justice". Five individuals remain subject to judicial proceedings, with no publicly confirmed extradition filing or court disposition.
Source: Bitcoin News
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