Turkish media reports say Richard Heart—legal name Richard James Schueler—was detained in Istanbul under an Interpol Red Notice requested by Finland. The account has not been independently confirmed by Turkish police or Interpol in the reporting available as of October 14, 2026, and no extradition outcome has been established.
What was reported in Istanbul
Decrypt attributed the detention account to Daily Sabah, citing the Turkish news agency IHA. The reported operation involved Istanbul police and Turkey’s National Intelligence Organization (MİT). Heart’s wife was also reportedly detained at a residence in Istanbul’s Beşiktaş district.
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The Block separately reported the claim from Turkish media and said it had sought confirmation from Istanbul police and Interpol. Neither had responded by the time of its publication. That means the detention should be described as a reported event, not as an officially confirmed arrest.
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Why Finland sought the Red Notice
The Red Notice was reportedly requested by Finland in 2024. Decrypt said the notice listed aggravated tax fraud and also reported that Finnish authorities had sought Heart over an alleged assault. TokenPost said descriptions of the Finnish case conflicted and therefore did not identify a specific charge.
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Those accounts describe allegations, not findings of guilt. The available reports do not establish that Heart has been convicted in Finland or elsewhere in connection with these claims.
What an Interpol Red Notice does—and does not—mean
A Red Notice is a request to law-enforcement authorities worldwide to locate and provisionally arrest a person while extradition or a similar legal action is considered. It is not an international arrest warrant.
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Interpol does not itself determine guilt, impose a sentence or guarantee that a person will be extradited. A country that locates someone applies its own law to any detention, court review and extradition decision. In this case, the reporting does not establish whether Finland has made a formal extradition request to Turkey, whether a Turkish court has issued a detention order, or whether extradition proceedings have begun.
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What the reported search found
Reports described a search of Heart’s address and the seizure of electronics and other valuables. The inventories differ substantially between outlets and had not been independently confirmed by authorities in the accounts available.
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| Outlet or account | Reported items or amounts |
|---|---|
| Decrypt, citing IHA | A dozen mobile phones, several laptops, graphics cards, rifles, pistols, two drones, gold bracelets and cash in different currencies. |
| The Block, citing Turkish media | $4 million in cash and 64 high-end watches. |
| CoinPost Terminal, relaying Demirören News Agency | $600,000 in cash and 24 watches. |
Because the figures conflict, none should be treated as a verified seizure total until Turkish authorities publish an inventory or court records provide one.
Who Richard Heart is and how this relates to his crypto projects
Heart launched Hex in 2018 and promoted it as a high-yield “blockchain certificate of deposit.” He later launched PulseChain; reporting also associates him with PulseX.
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The Finnish allegations connected to the Red Notice are separate from a U.S. Securities and Exchange Commission civil case. The SEC’s 2023 complaint, as summarized by Decrypt, accused Heart and entities it said he controlled—including Hex, PulseChain and PulseX—of unregistered crypto-asset offerings. It alleged that more than $1 billion was raised and that at least $12 million was used for luxury goods.
A federal judge dismissed that U.S. complaint in February 2025 for lack of jurisdiction. Decrypt reported that the SEC declined to amend it by April 2025. Dismissal of that civil case did not resolve the Finnish allegations and should not be presented as a ruling on them.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Will Turkey extradite Heart to Finland?
There is no established answer in the available reporting. A Red Notice can prompt authorities to locate and provisionally detain a person, but extradition requires a separate legal process and decisions under the requested country’s law.
- The reports do not confirm that Finland has formally submitted an extradition request to Turkey.
- They do not identify a Turkish court order authorizing continued detention.
- They do not say whether prosecutors have filed a Turkish charge or scheduled an extradition hearing.
- They do not provide a timetable for any judicial decision.
Until Turkish, Finnish or Interpol authorities release records, it is premature to say that Heart will be extradited, that Turkey has accepted Finland’s request, or that the reported detention will continue.
What to watch for next
The most important developments will be primary-source confirmations rather than additional recycled inventory figures:
- A statement or court record from Istanbul police, Turkish prosecutors or a Turkish court confirming the detention and its legal basis.
- Confirmation from Finnish authorities of the alleged offenses and whether an extradition request has been filed.
- Any judicial ruling on provisional detention, release or extradition proceedings in Turkey.
- An independently documented list of property seized during the search.
- Clarification of whether the wife’s reported detention involved the same legal basis or a separate inquiry.
Until those records appear, the defensible description is that Turkish media reported a detention under a Finland-requested Red Notice, while the underlying allegations, the legal status of the detention and any extradition remain unresolved.
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