Hex Crypto Founder Richard Heart Hit With Interpol Red Notice

Interpol, the world’s largest international law enforcement organization, issued an arrest request for Hex cryptocurrency founder Richard Schueler over tax fraud and assault accusations.

Interpol issued its red notice for Schueler, better known in crypto circles as Richard Heart, as a “request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.” Still, it is just a request, with the organization explaining that “a red notice is not an international arrest warrant.

Byron Boston, former Dallas police officer and CEO of crypto firm Crypto Track, told Decrypt that “the Interpol Red Notice reflects increasing international collaboration to address criminal activities tied to cryptocurrency, such as fraud and tax evasion.”

“The notice fosters international cooperation,” Boston added, “and signals law enforcement’s intent to hold crypto founders accountable for financial misconduct, enhancing scrutiny over projects.”

Schueler founded Hex, a cryptocurrency marketed as a high-yield "blockchain certificate of deposit," with his token being investigated as potential unregistered securities. Schueler is accused of misusing $12 million on luxury goods and promoting unrealistic returns.

The SEC alleges that Hex fails the Howey Test, qualifying it as a security, and notes that its token value has plummeted 98.4% from its peak. The regulator charged Schueler in the summer of 2023 along with three unincorporated entities: PulseChain, PulseX, and Hex.

"Heart began marketing Hex in 2018, claiming it was the first high-yield 'blockchain certificate of deposit,' and began promoting Hex tokens as an investment designed to make people 'rich,'" reads the SEC's complaint. This summer, he filed a motion to dismiss the case, alleging that he raised over $1 billion through unregistered securities sales linked to his Hex startup.

Shueler has also found himself on Europe’s most wanted fugitives list, where more details concerning his alleged crimes are listed. According to the listing, he allegedly “physically assaulted a 16-year-old victim by grabbing their hair, dragging them into the stairwell, and knocking them to the ground.”

He is also being investigated for tax evasion between June 2020 April 2024. According to Finnish public broadcaster Yle, the notice comes just three months after a remand order was issued for Shueler in September.

Shueler remains active on Twitter. On Saturday, he shared a post addressing his “haters” and claimed that “nothing makes haters angrier than success.” The post has received over 263,000 views so far.

“I really do the best I can to make the world a better place,” he wrote, “and I must say, the world can be pretty unkind to folks making a difference.”

Edited by Andrew Hayward