HEX token drops 30% after reports of founder Richard Schueler's arrest in Istanbul
HEX token loses $160M amid founder arrest reports
The HEX token fell nearly 30% in 24 hours after local Turkish media reported that founder Richard Schueler, also known as Richard Heart, was detained by authorities in Istanbul. The drop erased about $160 million from the token's market capitalization, which fell from more than $500 million to roughly $340 million.
As of 11:28 am UTC on Thursday, the token was trading at $0.0006, according to CoinMarketCap data cited by Cointelegraph.
What the reports say
- The news outlet Ihlas Haber Ajansı (IHA) reported that Schueler and his wife were detained in Istanbul by Turkish authorities.
- Police reportedly seized multiple devices, hardware wallets, jewelry, and handguns during the operation involving MIT and security forces.
- The reported arrest comes nearly two years after Interpol issued a "Red Notice" for Schueler, sought by Finnish authorities on allegations of tax fraud and assault.
- A spokesperson for Finland's National Bureau of Investigations declined to comment on the matter.
Legal history
Schueler was also listed on Europe's most wanted fugitives list, with allegations that he "physically assaulted a 16-year-old victim by grabbing their hair, dragging them into the stairwell and knocking them to the ground."
In July 2023, the US Securities and Exchange Commission sued Schueler, alleging he raised $1 billion through an unregistered securities offering and misappropriated at least $12 million. However, US District Judge Carol Bagley Amon dismissed the case in February 2025, ruling that the activities were not sufficiently directed at US investors. In April 2025, the SEC said it did not intend to refile its securities fraud complaint against Schueler.
What is confirmed
The 30% decline in HEX token price and the roughly $160 million market cap loss are reported figures from CoinMarketCap data. The arrest report originates from Turkish news outlet IHA. Schueler's name also appears on Interpol's Red Notice list and Europe's most wanted list, with past SEC litigation against him dismissed in 2025.
What is still unclear
The arrest has not been independently confirmed by Turkish authorities or Schueler's legal team. Finland's National Bureau of Investigations declined to comment, and no official statement has been issued regarding the detentions or the scope of seized items.
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