HEX Founder Richard Heart Detained in Istanbul as Ledger Launches $849 Anti-Tamper Wallet

HEX founder Richard Schueler, known as Richard Heart, was detained by authorities in Istanbul on October 14 during an early morning raid in the city's Beşiktaş district. Turkish Justice Minister Akın Gürlek confirmed that police seized $7.15 million in cash along with firearms and ammunition, while also searching 15 related addresses. Officers impounded nine luxury vehicles registered to Schueler's wife and confiscated 28 watches, 300 bags, and 19 graphics cards. Interpol issued a Red Notice for Schueler two years ago over allegations of tax fraud and assault sought by Finnish authorities. The news triggered a sharp market reaction, with HEX's market cap plunging from $561 million to $315 million, erasing roughly $246 million in value within a week.

Turkish media, which refer to Schueler as "Whale James," have linked him to a $1 billion unregistered securities offering in the United States, though a US judge dismissed that case in February 2025. Images circulating on Turkish outlets depict a visibly surprised Heart without trousers, with the lower half of his body blurred, generating widespread mockery on social media. Prominent HEX critic Eric Wall, who has publicly debated Schueler, stated he initially believed the image was AI-generated but now considers it authentic. HEX supporters note that authorities have not yet confirmed whether Schueler has been formally arrested or charged.

In response to the recent discovery of compromised hardware wallets in Asia, Ledger has introduced Atom, a new $849 device designed with enhanced anti-tampering protections. The French hardware wallet maker confirmed earlier this week that wallets distributed through an Asian reseller contained malicious implants. Atom combines a crypto wallet and smartphone-style Android apps within a single device, separating everyday applications from sensitive cryptographic operations. Ledger claims the new architecture would block the type of implants found in the Asia incident, offering users a more secure self-custody solution when it ships next year.