HEX cryptocurrency plummets, wiping out $160M after founder Richard Schueler's reported detention

HEX cryptocurrency plummets, wiping out $160M after founder Richard Schueler's reported detention

HEX cryptocurrency experienced a 30% price drop after media outlets in Istanbul reported the arrest of its creator Richard Schueler, almost two years following Interpol's issuance of a "Red Notice" for his apprehension.

The cryptocurrency Hex (HEX) experienced a sharp decline of nearly 30% over the previous 24-hour period following Turkish media reports indicating that founder Richard Schueler, who also goes by the name Richard Heart, was apprehended by law enforcement officials in Istanbul.

According to data from CoinMarketCap, the HEX token's value dropped to $0.0006 by 11:28 am UTC on Thursday, wiping approximately $160 million from its overall market capitalization, which fell from over $500 million on Wednesday to $340 million at the time of publication. The token had previously reached a peak of $0.44 in September 2021.

Turkish news agency Ihlas Haber Ajansı (IHA) published a report on Wednesday stating that both Schueler and his spouse were taken into custody in Istanbul by Turkish law enforcement. Authorities reportedly confiscated numerous electronic devices, hardware wallets, jewelry items and handguns during the operation.

The detention report surfaces almost two years following the issuance of a "Red Notice" by Interpol, the world's largest international law enforcement organization, for Schueler on allegations of committing tax fraud and assault, with Finnish law enforcement authorities requesting his arrest.

A representative from Finland's National Bureau of Investigations refused to provide comments regarding the situation.

Additionally, Schueler appeared on the most wanted fugitives list in Europe on comparable charges, which stated that he "physically assaulted a 16-year-old victim by grabbing their hair, dragging them into the stairwell and knocking them to the ground."

The US Securities and Exchange Commission (SEC) filed a lawsuit against Schueler in July 2023, claiming he generated $1 billion through an unregistered securities offering and misused no less than $12 million of investor funds.

Following a ruling that determined the activities were not adequately targeted toward US investors, US District Judge Carol Bagley Amon dismissed the legal case in February 2025. The SEC announced in April 2025 that it had no plans to refile its securities fraud complaint against Schueler.