Crypto entrepreneur Schueler, wanted on Interpol red notice, caught in Istanbul

Turkish Justice Minister Akın Gürlek said U.S. citizen Richard James Schueler, wanted on an Interpol red notice over an alleged $1 billion crypto fraud in the U.S. and Finland, was caught in Istanbul, where searches turned up $7.15 million in cash, six cold wallets and weapons.

Turkish Justice Minister Akın Gürlek announced that U.S. citizen Richard James Schueler, wanted on an Interpol red notice, had been caught in Istanbul, under the headline “Türkiye will not be a haven for cross-border crimes and wanted suspects.” Schueler is accused of a $1 billion crypto-asset fraud in the U.S. and Finland.

Schueler, known in the crypto world as Richard Heart and the founder of HEX, was detained with his wife in an operation in Istanbul’s Beşiktaş district on Oct. 14. Three people identified as his bodyguards were also detained.

Searches at 15 addresses

A cryptocurrency cold wallet (illustrative)

Searches at 15 addresses in Beşiktaş, Üsküdar and Sarıyer turned up $7.15 million and 160,000 liras in cash, six cold wallets, 300 bags, 100 pairs of shoes, 136 pairs of glasses, 28 watches and 97 pieces of jewelry. Police also seized 29 mobile phones, 12 laptops, 11 computer cases, 19 SSDs and external drives, 46 USB drives, 19 graphics cards, four long-barreled rifles, three unlicensed pistols and 1,400 rounds of ammunition.

The operation was coordinated by the Istanbul Chief Public Prosecutor’s Office and carried out by Istanbul police intelligence and financial crimes units with support from the National Intelligence Organization (MİT). Gürlek said legal proceedings regarding the suspects and the seized material are continuing. The red notice was reportedly issued in December 2024 at Finland’s request.