Justice Minister Akın Gürlek said on October 17 that Heart and his wife were detained on October 14 in Istanbul’s Beşiktaş district. Three additional suspects identified as their bodyguards were subsequently detained.
The operation was coordinated by the Istanbul Chief Public Prosecutor’s Office and involved police intelligence and financial crimes units, with support from Turkey’s National Intelligence Organization (MİT).
The official confirmation provides substantially higher seizure figures than those initially reported following Heart’s detention earlier in the week, while leaving questions about the contents of the confiscated cryptocurrency wallets and the next stage of legal proceedings.
What Did Turkish Authorities Seize During the Operation?
Gürlek said investigators searched 15 addresses across Istanbul’s Beşiktaş, Üsküdar and Sarıyer districts, recovering $7.15 million in cash, 160,000 Turkish lira and six cold wallets.
Authorities also confiscated 28 watches, 97 pieces of jewelry, 300 bags, 29 mobile phones, 12 laptops, 11 desktop computer towers and 19 graphics cards. The searches yielded four long-barreled rifles, three unlicensed pistols and approximately 1,400 rounds of ammunition.
Separately, Turkish authorities impounded nine vehicles registered to Heart’s wife.
The announcement updates earlier FinanceFeeds coverage of conflicting cash-seizure estimates, which included reports of $600,000 and $4 million. The justice minister’s subsequent disclosure puts the reported cash total at $7.15 million.
However, the value of the cryptocurrency held in the six seized cold wallets has not been disclosed. Possession of a hardware wallet does not establish the amount of accessible cryptocurrency, ownership of associated blockchain addresses or whether authorities have obtained the credentials necessary to move the assets.
Gürlek said judicial proceedings and examination of the seized materials remain ongoing.
Investor Takeaway
The $7.15 million represents reported physical cash seizures, not confirmed cryptocurrency losses or recoverable investor funds. Any assessment of additional financial exposure requires verified wallet addresses, asset balances and ownership information.
Why Was Richard Heart Wanted Through Interpol?
Heart has been the subject of an Interpol Red Notice requested by Finland since December 2024, following a Finnish investigation involving suspected aggravated tax fraud. Finnish authorities have also investigated a separate assault allegation.
Helsinki police began investigating the suspected tax offense in 2024, alleging that several hundred million euros in taxes may have been avoided through cryptocurrency-related business activities.
In January 2025, Finnish police recovered approximately 20 luxury watches valued at more than €2.6 million from a property in Espoo. FinanceFeeds previously covered the Finnish seizure and the allegations surrounding Heart’s finances.
Gürlek described Heart as being wanted in connection with allegations involving approximately $1 billion in cryptocurrency fraud in the United States and Finland. However, that description should not be treated as confirmation of a criminal conviction or as establishing that the Finnish investigation and the former U.S. securities case involve identical allegations.
An Interpol Red Notice requests that authorities locate and provisionally arrest a person pending extradition or similar legal proceedings. It is not itself an international arrest warrant.
Turkish officials have not publicly confirmed whether a formal extradition request has been received or identified a timetable for resolving Heart’s custody status.
What Happened to the SEC’s $1 Billion Case Against Heart?
The U.S. Securities and Exchange Commission filed a civil lawsuit against Heart, HEX, PulseChain and PulseX in July 2023, alleging unregistered cryptocurrency securities offerings that raised more than $1 billion.
The regulator also alleged that Heart misappropriated at least $12 million in offering proceeds to purchase luxury goods, including sports cars, watches and a large black diamond.
FinanceFeeds detailed the original SEC allegations and their impact on HEX when the lawsuit was announced.
However, U.S. District Judge Carol Bagley Amon dismissed the case on February 28, 2025, finding insufficient grounds to exercise personal jurisdiction over Heart and deficiencies in the allegations concerning domestic transactions.
The SEC subsequently informed the court in April 2025 that it would not file an amended complaint.
The dismissal ended that civil proceeding without a substantive judicial finding that Heart committed the alleged fraud. It also did not establish that the allegations were false or resolve the separate Finnish investigation.
Investor Takeaway
The dismissed SEC lawsuit and Finland’s criminal investigation are legally distinct. Heart’s detention does not revive the U.S. case, while the SEC dismissal does not eliminate potential extradition or criminal exposure arising from Finnish proceedings.
What Does the Detention Mean for HEX and PulseChain Investors?
Heart’s detention has placed renewed attention on HEX, PulseChain’s native PLS token and PulseX’s PLSX token, whose market sentiment remains closely associated with their founder.
HEX suffered heavy selling following the initial detention reports, with FinanceFeeds documenting a decline exceeding 30% on October 15.
However, the seizure of Heart’s personal assets does not automatically establish that user-held tokens, decentralized liquidity pools or blockchain smart contracts have been compromised.
The distinction is particularly important for cold wallets. Investigators may examine transaction histories and attempt to establish ownership of assets associated with recovered devices, but their possession does not necessarily provide control over protocol infrastructure or independently held customer assets.
For investors, the more immediate concerns involve founder dependence, liquidity conditions and potential disruptions to project development or communication.
The next developments will include any Turkish court decision on continued detention, confirmation of an extradition request, further disclosures about seized cryptocurrency assets and possible statements from the projects concerning operational continuity.
Investor Takeaway
Founder-related legal uncertainty can affect token valuations even without a technical failure. Verified wallet movements, exchange liquidity, development activity and formal legal decisions provide stronger indicators of the consequences for HEX, PLS and PLSX holders than the headline value of seized personal property.