HEX Token Drops 40% After Reports of Founder Richard Schueler’s Arrest in Istanbul

The HEX token lost nearly a fourty of its value within a day after Turkish media said its founder had been taken into custody, wiping out a large chunk of the project’s market value.

HEX Price Crash and Market Cap Loss

HEX slid to about $0.0006 on Thursday morning, cutting roughly $160 million from its market capitalization. The figure dropped from over $500 million on Wednesday to around $340 million at the time of writing, according to CoinGecko. The token had peaked above $0.44 in September 2021, which shows how far it has fallen from its high.

A Turkish news agency reported on Wednesday that Schueler, also known as Richard Heart, and his wife were detained by authorities in Istanbul. Police reportedly seized several devices, hardware wallets, jewelry and handguns. Finland’s National Bureau of Investigation declined to comment on the matter.

Interpol Red Notice and Fraud Allegations

Finnish Tax Fraud and Assault Claims

The reported detention comes almost two years after Interpol issued a Red Notice for Schueler over alleged tax fraud and assault, with Finland seeking his arrest. He also appeared on Europe’s most wanted list, where the assault allegation involves a 16 year old victim who was reportedly dragged by the hair into a stairwell and knocked to the ground.