HEX Token Drops 30% After Founder Arrest in Istanbul

The HEX token fell nearly 30% over a 24-hour period following local media reports that founder Richard Schueler, also known as Richard Heart, was detained by authorities in Istanbul, according to Cointelegraph.

Market Impact and Seizures

According to CoinMarketCap data cited in the report, the HEX token declined to $0.0006 as of 11:28 am UTC on Thursday, erasing about $160 million from its market capitalization. The valuation dropped from more than $500 million on Wednesday to $340 million by press time. The token previously reached a peak of $0.44 in September 2021.

Turkish news outlet Ihlas Haber Ajansı reported on Wednesday that Schueler and his wife were detained in Istanbul. Police reportedly seized multiple devices, hardware wallets, jewelry, and handguns during the operation.

Interpol and Legal Background

The reported detention comes nearly two years after Interpol issued a Red Notice for Schueler at the request of Finnish authorities over allegations of tax fraud and assault. Finland’s National Bureau of Investigations declined to comment on the matter. Schueler was also listed on Europe’s most wanted fugitives list regarding allegations that he physically assaulted a 16-year-old victim.

In July 2023, the US Securities and Exchange Commission sued Schueler, alleging he raised $1 billion in an unregistered securities offering and misappropriated at least $12 million. A US District Judge dismissed the case in February 2025 after ruling the activities were not sufficiently directed at US investors, and the SEC stated in April 2025 that it did not intend to refile the complaint.

Key facts

• The HEX token price declined by 30% in 24 hours to $0.0006.
• Market capitalization dropped by approximately $160 million, falling from over $500 million to $340 million.
• Local media reported that founder Richard Schueler and his wife were detained in Istanbul by Turkish authorities.
• Interpol issued a Red Notice for Schueler nearly two years prior regarding tax fraud and assault allegations from Finnish authorities.