Hex Founder Richard Heart Detained in Istanbul on Interpol Notice

Richard Heart, the founder of Hex, PulseChain and PulseX, was detained in Istanbul on Wednesday, October 14, 2026, in a joint operation by Turkish police and intelligence officers. The arrest was first reported by Turkish media and later picked up by CoinDesk, Decrypt, and The Block.

According to Daily Sabah, citing Turkish news agency IHA, the detention was carried out under an Interpol Red Notice that Finnish authorities requested in 2024. Heart reportedly faces an aggravated tax fraud charge in Finland. CoinDesk's report adds that the case against him also involves allegations tied to assault.

Heart was detained along with his wife at their residence in Beşiktaş, a district spanning the European side of Istanbul. The Block noted that, as of its report, Turkish police had not officially confirmed the detention, even though several local outlets had already covered it extensively.

The legal basis for the detention: an Interpol Red Notice

An Interpol Red Notice is not a legally binding international arrest warrant. It's essentially a request to authorities in member countries to locate and provisionally detain a person while an extradition process or other legal action from the requesting country is pending.

In Heart's case, that request came from Finland in 2024, two years before the actual arrest in Istanbul. Such a long gap is common with Red Notices, since enforcement depends on when local authorities manage to track down the person being sought, rather than happening automatically once the notice is issued. Both Decrypt and CoinDesk cite the aggravated tax fraud allegation as the main basis for Finland's request, while neither source details the exact legal steps that follow in Turkey.

What was seized at the Beşiktaş residence

Turkish media reported that authorities seized a range of high-value items from Heart's home, including:

• Roughly $4 million in cash
• 64 luxury watches
• Firearms
• Phones and electronic equipment
• Jewelry

Decrypt described the operation as involving both police and intelligence officers, pointing to the scale of the cross-border investigation behind the case. The sheer volume of seized valuables, particularly the large watch collection, lines up with Heart's long-running public image as someone who frequently showcased a lavish lifestyle on social media.

Who is Richard Heart and what his projects do

Heart rose to prominence in the crypto community starting in 2017 through Hex, a token he marketed as a blockchain version of a certificate of deposit, essentially a way to lock up assets in exchange for a promised yield. He later expanded his footprint with PulseChain, a blockchain network forked from Ethereum, and PulseX, a decentralized exchange built on top of PulseChain.

All three projects built a fairly loyal community base, partly fueled by Heart's flamboyant and often controversial promotional style on social media. But the same projects have also repeatedly drawn scrutiny from regulators in multiple jurisdictions, including the United States, as detailed below.

A history of legal trouble before this arrest

The Istanbul detention is not Heart's first brush with law enforcement over his crypto activities. According to Decrypt, the U.S. Securities and Exchange Commission accused Heart in 2023 of raising more than $1 billion through unregistered crypto offerings. The SEC later dropped that case, though neither source details the exact reasoning behind the dismissal or precisely when that decision was made.

Now Finnish authorities are pursuing him through Interpol over a separate tax-related allegation. This pattern shows his projects have long been under cross-border regulatory scrutiny, not just from a single jurisdiction.

Scenarios worth watching

A few developments are worth tracking as this case unfolds.

First, official confirmation from Turkish police. The Block notes that, as of its report, police had not issued an official statement on Heart's detention status, so details on specific charges and the legal process in Turkey could still change.

Second, the progress of a possible extradition to Finland. If Finland's request moves forward, Heart could face trial there over the aggravated tax fraud allegation, though the sources don't specify a timeline or the exact legal mechanics Turkish or Finnish authorities would follow next.

Third, how the Hex, PulseChain and PulseX teams and communities respond. Projects built around a single founder figure tend to be more exposed to negative sentiment when that founder faces serious legal trouble, though the sources don't provide any token price data following this news.

What it means for traders

This story carries legal and reputational weight for anyone holding Hex tokens or interacting with the PulseChain and PulseX networks, given the risks tied to the founder's legal standing. A few concrete things worth watching:

• Official statements from Turkish police on the detention status and any charges filed against Heart.
• Developments in the Finnish legal process, including whether an extradition request is formally filed and processed.
• Official announcements from the Hex, PulseChain, or PulseX teams regarding project operations following their founder's detention.
• Follow-up reporting from crypto outlets like CoinDesk, Decrypt, and The Block, which will likely verify details that remain unconfirmed, including the assault allegation mentioned by CoinDesk.

Until there's more clarity, Heart's legal status remains in a gray area: detained according to local Turkish media reports, but not yet directly confirmed by Turkish police.