Finnish authorities confiscate $2.6 million in watches from Hex creator Richard Heart: Report

Finnish Police reportedly seized $2.6 million in expensive watches belonging to Hex founder Richard Schueler, who is also known as Richard Heart.

Heart is accused of tax evasion and assault in the country, with authorities still unable to determine the founder’s location, according to the report.

Luxury watches worth millions confiscated 

The Finnish Police confiscated 20 high-end timepieces, most of them Rolexes and all of them believed to belong to Heart, from an Espoo residence, according to Finland’s national broadcaster Yleisradio Oy (Yle). The value of the watches, as estimated by receipts and expert appraisals, is $2.68 million. 

According to the investigation report, some of the watches were purchased in the United States; however, a large chunk were purchased in Finland. Inspector Harri Saaristola, who conducted the inquiry, stated that these luxury watches were abandoned, adding a peculiar twist to the ongoing operation against Richard Heart. 

Richard Heart is a wanted offender with a trail of allegations

Schueler’s legal troubles gained momentum on Sept. 13, 2024, when Finnish authorities remanded him. The arrest followed allegations of tax evasion of several hundred million euros and a violent assault that allegedly occurred in February 2021. In this criminal case, Schueler is accused of assaulting a 16-year-old victim, and physically assaulting the minor. 

Adding to his legal problems, Interpol issued a “Red Notice” against Heart on Dec. 22, 2024, making Heart one of Europe’s most wanted fugitives. Finnish officials estimate that his unpaid taxes are several hundred million euros, while his income in 2023 alone was €15.2 million ($16.9 million).

Richard Schueler, a well-known person in the cryptocurrency space, founded several cryptocurrencies including HEX, PulseChain (PLS), and PulseX (PSLX). However, his cryptocurrency attempts haven’t gone unnoticed. The US Securities and Exchange Commission (SEC) sued Schueler in July 2023 alleging that all three tokens, which collectively raised more than $1 billion, were unregistered securities. 

Since reaching their all-time highs, all three tokens have undergone substantial price drops. CoinMarketCap data shows that PLS, HEX and PSLX are down more than 80% from their respective peaks. HEX posted the biggest losses, and is over 99% down from the high of $0.5561 it set on Nov. 16, 2021.

The SEC also accused Schueler of misusing investor funds to flex his opulent lifestyle including the acquisition of a 555-carat diamond, luxury cars, and high-end watches, which have been successfully seized by Finnish authorities. 

Apparently there's a contest with prizes going on right now. The answer to your dreams is marketing. Promotions positively pressure price performance. I wish Satoshi sent me a letter letting me know about Bitcoin in 2008. Please peruse potential prose: https://t.co/dKqhSn2QtD…

— Richard Heart (@RichardHeartWin) January 8, 2025

Despite all these allegations, Schueler stays active on social media and continues to promote the HEX cryptocurrency without saying a word about his legal issues. Marketed as a “high-interest blockchain certificate of deposit”, HEX has polarized the crypto community. Some investors and experts regard it as an innovative financial tool. However, others see it as a potential Ponzi scheme owing to its structure and focus on recruiting new users. 

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