The price of the HEX token dropped by nearly 30% within 24 hours following reports that founder Richard Schueler, also known as Richard Heart, was detained in Istanbul. According to CoinMarketCap, the token's market capitalization fell from over $500 million on Wednesday to $340 million by Thursday, representing a loss of approximately $160 million.
Local media outlet Ihlas Haber Ajansı reported that Turkish authorities detained Schueler and his wife, seizing hardware wallets, jewelry, handguns, and various electronic devices. The arrest follows an Interpol Red Notice issued nearly two years ago, with Finnish authorities seeking him on allegations of tax fraud and physical assault.
Schueler has previously faced legal action in the United States. In July 2023, the SEC sued him for allegedly raising $1 billion in unregistered securities offerings and misappropriating at least $12 million. However, US District Judge Carol Bagley Amon dismissed the case in February 2025, and the SEC confirmed in April 2025 that it would not refile the complaint.
