HEX Erases $160M From Market Cap After Reports of Founder Richard Schueler's Arrest
Key Takeaways
- •Hex (HEX) fell nearly 30% in 24 hours, sliding to $0.0006 and reducing its market capitalization by roughly $160 million to about $340 million.
- •Turkish news outlet Ihlas Haber Ajansı reported that Richard Schueler and his wife were detained in Istanbul, with police seizing devices, hardware wallets, jewelry and handguns.
- •Interpol issued a Red Notice for Schueler nearly two years ago over alleged tax fraud and assault, and Finnish authorities are seeking his arrest on those separate allegations.
- •The US SEC's July 2023 lawsuit alleging a $1 billion unregistered securities offering and misappropriation of at least $12 million was dismissed in February 2025, and the agency said in April 2025 it would not refile.
- •HEX now trades more than 99% below its September 2021 peak of $0.44.
The Hex (HEX) token fell nearly 30% over the past 24 hours after local media reported that its founder, Richard Schueler — also known as Richard Heart — had been detained by authorities in Istanbul.
According to CoinMarketCap, HEX declined to $0.0006 as of 11:28 am UTC on Thursday, cutting its market capitalization from more than $500 million on Wednesday to roughly $340 million at press time — a loss of about $160 million. The token previously topped $0.44 in September 2021, meaning the current price sits more than 99% below that former high.
On Wednesday, Turkish 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.
The reported detention comes nearly two years after Interpol, the world's largest international police organization, issued a "Red Notice" for Schueler over alleged tax fraud and assault, with Finnish authorities seeking his arrest. A spokesperson for Finland's National Bureau of Investigations declined to comment on the matter. Unlike the US securities case, which ended in dismissal and a decision not to refile, the Red Notice stems from separate Finnish allegations.
Schueler has also been listed on Europe's most wanted fugitives list over similar allegations, which claim 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 United States Securities and Exchange Commission (SEC) sued Schueler, alleging that he raised $1 billion in an unregistered securities offering and misappropriated at least $12 million. 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. With the US case closed, what remains to be seen is whether Turkish officials confirm the reported detention and how Finnish authorities pursue the arrest request tied to the Red Notice.
