Sixty-four watches and about $4 million in cash. That is what Turkish media say police seized when they detained Richard Heart, the founder of Hex and PulseChain, in Istanbul on 14 October.
The reports, from outlets including Sözcü and Haberler, describe a joint operation by Turkish intelligence and local police at a residence in the Beşiktaş district. Electronic devices were also reportedly taken.
Finland wants him over alleged aggravated tax fraud, according to an Interpol Red Notice. The Block did not say when the notice was issued, and Turkish authorities have not been reported as filing any charges of their own.
His American legal trouble has already ended. The SEC’s lawsuit against him was dismissed in February 2025, and the regulator declined to amend its complaint that April.
Markets reacted quickly. HEX fell about 25 percent on the day and trades at fractions of a cent, more than 99 percent below its 2021 high of around $0.44. PLS dropped about 35 percent over 24 hours and is down nearly 98 percent since launch.
The caution is in the sourcing. The Block contacted Istanbul police and Interpol about his custody and had not heard back at publication, and Heart himself has not responded. Tallies of what was seized differ between outlets.
What is missing is any official statement. Until Turkey or Finland confirms the arrest, and says whether Finland will seek extradition, this is a report of a raid, not a case, and Heart is presumed innocent of the tax allegation.
