HEX token sellers erase $160M following reports of founder Richard Schueler arrest
Summary
HEX fell nearly 30% in 24 hours, dropping to $0.0006 and losing about $160 million in market capitalization, after Turkish media reported that founder Richard Schueler, known as Richard Heart, and his wife were detained in Istanbul. Police reportedly seized devices, hardware wallets, jewelry and handguns. The reported detention follows an Interpol Red Notice tied to Finnish allegations of tax fraud and assault. Heart also faced a 2023 SEC lawsuit alleging an unregistered securities offering and misappropriation of funds; a US judge dismissed the case in February 2025, and the SEC later said it would not refile.
