Crypto Entrepreneur Richard Heart Arrested in Istanbul Over Tax Evasion
American crypto entrepreneur Richard Heart was arrested in Istanbul acting on an international warrant from Finland over tax evasion, causing turmoil in his associated digital tokens.
American crypto entrepreneur Richard Heart, whose real name is Richard James Schuler, was arrested in Istanbul following a joint operation by Turkish police and intelligence services. The arrest took place at his residence in the Besiktas district, based on an international wanted notice issued at the request of Finland, where he is suspected of serious tax evasion.
Arrest and Seizures
During the raid, authorities reportedly recovered significant assets, including millions in cash, dozens of luxury watches, firearms, and electronic equipment. Reports varied on the exact figures, with some outlets citing up to 4 million dollars in cash and 64 luxury watches, while others noted 600,000 dollars and 24 watches, alongside several pistols and rifles with extensive ammunition.
"The arrest follows years of regulatory scrutiny and international investigations into Heart's financial activities and lavish lifestyle." - Financial Reports
Market Impact and Background
News of the arrest triggered sharp volatility in digital currencies associated with Heart. The HEX coin plummeted significantly during trading sessions before recovering partially, while the PLS token also suffered steep declines.
Heart previously faced a lawsuit from the U.S. Securities and Exchange Commission in 2023 for raising over 1 billion dollars in unregistered crypto offerings, a case that was dismissed in February 2025 due to a lack of sufficient legal nexus to the U.S. Finland now seeks his extradition regarding tax offenses estimated in the hundreds of millions of euros.
