HEX fell nearly 30% in the past 24 hours after Turkish local media reported that founder Richard Schueler, also known as Richard Heart, had been detained by authorities in Istanbul.
By 11:28 am UTC on Thursday, CoinMarketCap data showed HEX at $0.0006. Its market capitalization dropped by about $160 million, sliding from more than $500 million on Wednesday to $340 million by press time. The token had previously climbed above $0.44 in September 2021.
Istanbul detention report hits HEX price
Turkish news outlet Ihlas Haber Ajansı (IHA) reported on Wednesday that Schueler and his wife were detained in Istanbul by Turkish authorities. The report said police seized multiple devices, hardware wallets, jewelry and handguns.
Report comes nearly two years after Interpol Red Notice
The reported detention surfaced nearly two years after Interpol issued a Red Notice for Schueler over allegations of 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.
Schueler had also been listed on Europe’s most wanted fugitives list on similar allegations. That listing said he had “physically assaulted a 16-year-old victim by grabbing their hair, dragging them into the stairwell and knocking them to the ground.”
SEC case was dismissed in 2025
In July 2023, the US Securities and Exchange Commission 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 after 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.