Turkish Media Report Richard Heart, Founder of Hex, Arrested in Istanbul

Reports say police seized $4 million in cash and 64 luxury watches during a raid on the digital currency founder's residence in Istanbul.

Local media reported that Richard Hart, the founder of crypto projects Hex, PulseChain and PulseX, along with his wife, were arrested in Istanbul in a joint operation by Turkish police and intelligence officers.

Heart faces charges of tax fraud and assault in Finland and was placed on an Interpol red notice.

Turkish media reported that authorities seized $4 million in cash, 64 luxury watches, firearms and electronic equipment.

According to local media, Richard Hart, the founder of crypto projects Hex, PulseChain and PulseX, was arrested in Istanbul on Wednesday in a joint operation by Turkish police and intelligence officers.

Kalb, whose legal name is Richard James Shuler, was arrested with his wife at a property in Istanbul's Besiktas district, Daily Sabah reported. Authorities reportedly seized $4 million in cash, 64 luxury watches, firearms and electronic equipment.

The arrest comes after years of legal trouble for Hart, who has faced charges in the United States and Finland.

In 2023, the US Securities and Exchange Commission accused Heart and three crypto projects of raising more than $1 billion through unregistered securities offerings. It also accused Heart and PulseChain of misappropriating at least $12 million of investors' funds.

The SEC dropped the case in 2025 after a judge dismissed the complaint, citing lack of jurisdiction because the project did not specifically target investors in the United States.

Kalb was wanted in Finland on charges of tax fraud and assault, which prompted an Interpol red notice.

Turkish media reported the seizure of $4 million in cash and 64 luxury watches, although police have yet to confirm these figures.