Richard Heart Detained in Istanbul, Cryptocurrency Values Plummet
Richard Heart, the founder of cryptocurrency projects HEX and PulseChain, has been detained in Istanbul during a joint operation coordinated by the National Intelligence Organization (MİT) and local security forces. His arrest has led to a significant drop in the value of cryptocurrencies associated with him.
Details of the Arrest
Reports from Turkish news sources indicate that Heart was apprehended at his residence in the Beşiktaş district. Initial accounts claimed that authorities seized around $4 million in cash, alongside 64 luxury watches and various electronic devices. However, the Demirören News Agency (DHA) later revised this figure, stating that approximately $600,000 and 24 watches were confiscated instead. Heart’s wife was also taken into custody during the operation.
Background on Richard Heart
Heart is known for his extravagant lifestyle, often showcasing high-end clothing and luxury watches from brands like Burberry, Gucci, and Louis Vuitton on social media. In a 2022 video, she boasted that her collection of 32 watches was valued at approximately $10 million.
Legal Issues and International Warrant
Heart is reportedly wanted under a red notice issued by INTERPOL at the request of Finnish authorities, who are investigating him for aggravated tax fraud. This notice seeks to locate and provisionally apprehend him for legal proceedings in Finland.
Previous Legal Challenges
The entrepreneur has also faced scrutiny from the U.S. Securities and Exchange Commission (SEC). In 2023, the SEC sued Heart and his associated projects, accusing them of unregistered securities sales and misuse of investor funds. However, in February 2025, a U.S. court dismissed the case, stating the SEC failed to sufficiently establish jurisdiction. The regulator decided not to amend its complaint by April 2025, effectively ending the legal battle.
Impact on Cryptocurrencies
In the wake of Heart’s arrest, the cryptocurrency market reacted sharply. HEX saw a roughly 25% drop in value, trading below one cent. This decline follows a trend, as the token has lost more than 99% of its value since reaching a peak of around $0.44 in 2021.
Disclaimer: The information provided here does not constitute investment advice.
