Interpol-Wanted 'Crypto Whale' Arrested in Beşiktaş, $7 Million Seized

In a coordinated operation on October 14 in Beşiktaş, led by Istanbul's Chief Public Prosecutor's Office and conducted jointly by Istanbul Police Department's Intelligence and Financial Crimes units alongside Turkey's National Intelligence Organization (MİT), one of the largest apprehensions in international cryptocurrency history was recorded.

Richard James Schueler, a U.S. citizen, was the subject of an Interpol red notice for alleged $1 billion cryptocurrency asset fraud in the United States and Finland. Schueler and his wife were detained in the initial operation in Beşiktaş, and during ongoing investigations, three additional individuals identified as their security detail were apprehended.

Following the expanded investigation, searches were conducted at a total of 15 addresses in Beşiktaş, Üsküdar, and Sarıyer. The inventory of seized items drew attention: $7 million 150 thousand in cash, 160,000 Turkish lira, 6 cold cryptocurrency wallets, firearms, jewelry, and numerous digital materials.

Justice Minister Akın Gürlek announced that Schueler's location in Istanbul was determined with MİT support. According to Gürlek, coordinated efforts aimed at preventing Turkey from serving as a haven for international criminals made this apprehension possible.

It remains unclear which country the Chief Public Prosecutor's Office has been conducting extradition proceedings with; it has also not been disclosed whether the U.S. has formally submitted its extradition request through official channels.