HEX and PulseChain founder Richard Heart was reportedly detained in Istanbul, while tokens linked to his projects saw losses of up to 35%.
According to information The Block cited from Sözcü and Haberler, Heart, whose real name is Richard James Schueler, was detained at a residence in Beşiktaş during a joint operation by Turkey’s National Intelligence Organization (MİT) and police. The operation reportedly resulted in the seizure of $4 million in cash, 64 luxury watches, and electronic devices.
The detention has not yet been confirmed by an official statement. The Block said it had not received a response to its inquiries to Istanbul police and Interpol by the time the article was published.
HEX and PulseChain prices fall
Following reports of the detention, HEX fell 25% that day. Trading below one cent, the token is more than 99% below its peak of about $0.44 in 2021.
PLS, the native token of the PulseChain network Heart launched in 2023, lost 35% over the past 24 hours. PLS’s total decline since its launch has reached about 98%. The allegations against the founder therefore came as the two tokens, already trading far below their peaks, faced further losses.
Finnish charges and closed SEC case
According to Interpol’s Red Notice, Finnish authorities are seeking Heart on suspicion of aggravated tax evasion. Reports in Turkey also refer to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
However, the SEC case was closed after a judge dismissed it in February 2025. The agency also said in April 2025 that it would not amend its complaint. The past lawsuit should therefore be distinguished from the grounds for which Finnish authorities are seeking Heart.
Not investment advice.