HEX founder Richard Heart detained in Istanbul as market cap falls to $315 million
In brief
- Richard Schueler, the HEX founder known as Richard Heart, was detained by Istanbul authorities on October 14.
- Turkey's justice minister said police seized $7.15 million in cash, plus firearms and ammunition.
- HEX market cap fell from $561 million to $315 million in the week after the detention.
- HEX supporters said authorities hadn't confirmed a formal arrest or charge.
What Turkish authorities said
Turkish Justice Minister Akın Gürlek said police seized $7.15 million in cash, plus firearms and ammunition in a morning raid in Istanbul's Beşiktaş district. Officers also searched 15 related addresses. News agency Anadolu reported that police impounded nine luxury vehicles registered to Schueler's wife, and the haul reportedly included 28 watches, 300 bags and 19 graphics cards.
HEX supporters said authorities hadn't yet confirmed whether Schueler had been formally arrested or charged.
The Red Notice backdrop
Interpol issued a Red Notice for Schueler two years ago after Finnish authorities sought his arrest over allegations of tax fraud and assault. A spokesperson for Finland's National Bureau of Investigations declined to comment. Turkish media have linked Schueler to a $1 billion unregistered securities offering in the US (a US judge dismissed that case in February 2025).
Ledger and Starknet round out the week
Ledger introduced Atom, an $849 device that pairs a crypto wallet with everyday apps, days after confirming that wallets sold through a reseller in Asia contained malicious implants. Ledger said Atom's separation of Android apps from wallet operations would block those implants. It's expected in summer 2027.
The timing didn't go unchallenged. Former Mt Gox CEO Mark Karpeles alleged that at least two people told Ledger about spyware inside tampered devices as far back as December 2025, and Cointelegraph reported that Ledger's reseller supply chains have been suspended across Asia after more than $90 million was stolen. Ledger CEO Pascal Gauthier replied on X that Karpeles was "no white knight."
Starknet opened a vote on converting itself from an Ethereum L2 into a post-quantum L1, and Cointelegraph's digest said Starknet plunged almost 50% as it voted. StarkWare CEO Eli Ben-Sasson said Ethereum's post-quantum roadmap may be too slow to meet the challenge from AI.
"Quantum-proofing crypto is urgent, so we must move at lightning speed," Ben-Sasson told Cointelegraph.
Frequently asked questions
Has Richard Heart been formally arrested or charged in Turkey?
Richard Schueler, known as Richard Heart, was detained by authorities in Istanbul on October 14. HEX supporters said authorities hadn't yet confirmed whether he had been formally arrested or charged.
Why was there an Interpol Red Notice for Richard Heart?
Interpol issued a Red Notice for Schueler two years ago after Finnish authorities sought his arrest over allegations of tax fraud and assault. A spokesperson for Finland's National Bureau of Investigations declined to comment.
