HEX token sellers erase $160M following reports of founder Richard Schueler arrest
The HEX token’s price declined by 30% following local media reports of the Istanbul arrest of founder Richard Schueler, nearly two years after Interpol issued a “Red Notice.”
Following reports of founder Richard Schueler's arrest in Istanbul, the HEX token's price plummeted by 30%, erasing approximately $160 million from its market capitalization. The HEX token experienced a sharp decline to $0.0006, down from $0.0009 on Wednesday, as reported by CoinMarketCap. The token had previously reached a peak of $0.44 in September 2021.
The arrest comes nearly two years after Interpol issued a Red Notice for Schueler, accusing him of tax fraud and assault, with Finnish authorities seeking his arrest as well. Schueler, also known as Richard Heart, was detained by Turkish authorities in Istanbul, with police seizing multiple devices, hardware wallets, jewelry, and handguns.
The reported arrest stemmed from allegations of tax fraud and assault, as well as listing on Europe's most wanted fugitives list for physically assaulting a 16-year-old victim. In July 2023, the US Securities and Exchange Commission (SEC) sued Schueler for allegedly raising $1 billion in an unregistered securities offering and misappropriating 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. The SEC later stated in April 2025 that it had no intention to refile its securities fraud complaint against Schueler.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
