Richard Heart, the founder of the cryptocurrency projects HEX and PulseChain, was reportedly detained in Istanbul in a joint operation by the National Intelligence Organization (MİT) and security forces. Following Heart’s detention, cryptocurrencies linked to him experienced sharp declines in value.
According to news reports in the Turkish press today, Heart was apprehended in an operation at his address in the Beşiktaş district of Istanbul. Initial reports stated that $4 million in cash, 64 luxury watches, and numerous electronic devices were seized during searches at the address. However, Demirören News Agency (DHA) reported that $600,000 and 24 watches were seized in the operation. Heart’s wife was also taken into custody as part of the operation.
Known for her luxurious lifestyle, Heart previously made headlines on social media for showcasing her collection of clothing and expensive watches from brands like Burberry, Gucci, and Louis Vuitton. In a video she shared in 2022, Heart claimed that the 32 watches in her collection were worth a total of $10 million.
Heart is reportedly wanted under a red notice issued by INTERPOL at the request of Finnish authorities. The red notice, issued for Heart who is under investigation in Finland for aggravated tax fraud, aims to locate and provisionally apprehend him internationally.
On the other hand, Heart had previously made headlines due to its legal battle with the US Securities and Exchange Commission (SEC). In 2023, the SEC filed a lawsuit against Heart and related cryptocurrency projects, alleging unregistered securities sales and misuse of investor funds. However, a US court dismissed the case in February 2025, citing the regulator’s failure to adequately demonstrate jurisdiction. The legal process ended in April 2025 when the SEC announced it would not amend its complaint.
Following the news of his arrest, Heart’s cryptocurrency projects experienced heavy selling pressure. HEX (HEX) lost approximately 25% of its value after the news, trading well below one cent. The token has lost more than 99% of its value since its peak of approximately $0.44 in 2021.
*This is not investment advice.
