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HEX founder Richard Heart was reportedly arrested in an early morning raid in Istanbul on October 14, according to Turkish media, which also claim police seized luxury watches, firearms and large amounts of cash. Neither Turkish nor Finnish authorities have confirmed the detention.
Turkish media outlets Sözcü, Karar and Takvim reported that Turkey’s National Intelligence Organization (MİT) collaborated with Istanbul police to locate and apprehend the 47-year-old cryptocurrency entrepreneur.
The operation reportedly followed intelligence investigations that identified Heart’s residence in Beşiktaş, an affluent district of Istanbul.
According to the reports, officers conducted the early morning raid under the coordination of the Istanbul Chief Public Prosecutor’s Office, with assistance from financial crimes investigators, Interpol personnel and special operations units.
The HEX founder was reportedly detained alongside a woman identified as his wife, A.K., before being transferred into police custody for questioning.
Heart, who also established the PulseChain and PulseX cryptocurrency projects, had been sought internationally following an Interpol Red Notice issued at Finland’s request in December 2024.
The notice relates to an ongoing Finnish criminal investigation involving allegations of aggravated tax fraud. Finnish authorities have also investigated a separate assault allegation.
Despite multiple Turkish publications reporting the operation, neither Turkish nor Finnish authorities had issued publicly available statements independently confirming the arrest at the time of the initial reports.
The absence of official confirmation leaves questions about the HEX founder’s custody status, possible charges and whether extradition proceedings could follow.
The reported detention attracted additional attention after Turkish publications described a substantial collection of valuables and electronic devices allegedly discovered during searches of the residence.
According to Sözcü, investigators recovered approximately $4 million in cash, alongside 64 luxury watches, including 53 Rolex timepieces and 11 Patek Philippe watches.
Authorities also reportedly discovered gold jewelry, computers, cryptocurrency-related equipment and multiple firearms.
Other accounts mentioned pistols, rifles, ammunition and magazines among the items recovered during the operation.
The reported collection reflects the extravagant public image associated with the HEX founder, who has frequently attracted attention for his expensive watches and other luxury possessions.
However, discrepancies have emerged concerning the amount of cash and the number of valuables reportedly seized.
While some Turkish publications placed the cash holdings at approximately $4 million, others reported $600,000, €2,600 and 50,000 Turkish lira.
Photographs circulated by Turkish journalists appeared to show stacks of currency, expensive watches and electronic equipment.
Nevertheless, the precise ownership, authenticity and valuations of the reported assets remain unverified.
The conflicting inventories also make it difficult to establish the total value of the alleged confiscations.
For the HEX founder, the reported seizure adds another dimension to a legal controversy already involving allegations concerning substantial cryptocurrency-related wealth.
The reported Istanbul operation follows years of legal scrutiny surrounding Heart’s activities, particularly in Finland and the United States.
Finnish authorities previously investigated the HEX founder over allegations of aggravated tax evasion involving significant income associated with cryptocurrency activities.
A separate investigation concerned an alleged assault involving a minor in 2021.
The Finnish proceedings eventually resulted in an arrest warrant issued in Heart’s absence, followed by an Interpol Red Notice in December 2024.
An Interpol Red Notice alerts law enforcement authorities worldwide that a person is wanted for possible detention pending extradition or another lawful process. It does not automatically constitute an international arrest warrant.
Before the reported Turkish operation, Finnish investigators had already seized approximately 20 luxury watches worth an estimated $2.6 million from a property in Espoo.
The investigation also resulted in Heart appearing on Europol’s most-wanted list.
These developments placed the HEX founder under sustained international scrutiny even as separate regulatory proceedings in the United States moved toward dismissal.
While Turkish reports link the latest detention to the Finnish investigation, the precise legal basis for any continued custody or potential transfer to Finland has not been publicly established.
The allegations remain unresolved, and the reported arrest should not be interpreted as evidence of guilt.
Heart’s legal difficulties extended beyond Europe when the U.S. Securities and Exchange Commission filed a civil lawsuit in July 2023.
The regulator accused the HEX founder and entities associated with HEX, PulseChain and PulseX of conducting unregistered cryptocurrency securities offerings that raised more than $1 billion.
The SEC also alleged that at least $12 million in investor funds had been diverted toward luxury purchases.
According to the agency’s original allegations, those purchases included expensive automobiles, luxury watches and a 555.55-carat black diamond known as The Enigma.
However, the U.S. proceedings took a different direction in 2025.
A federal judge dismissed the SEC lawsuit in February 2025 after determining that the regulator had not sufficiently established jurisdictional connections between Heart’s alleged activities and the United States.
The SEC subsequently declined to amend its complaint, bringing the civil enforcement action to an end.
Importantly, the dismissal was based on jurisdictional grounds rather than a determination of whether the underlying allegations were true.
That distinction remains relevant as the HEX founder faces renewed attention over the separate investigation in Finland.
The American court’s decision did not resolve the Finnish criminal allegations or prevent authorities elsewhere from pursuing independent proceedings.
For now, the reported Istanbul arrest raises significant questions about Heart’s legal position, the status of the confiscated assets and whether Turkish authorities intend to cooperate with Finnish investigators on extradition.
Until official statements establish the next steps, the HEX founder’s reported detention remains an unfolding legal development, with critical details awaiting independent confirmation.
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