HEX token sellers erase $160M following reports of founder Richard Schueler arrest
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The HEX token dropped nearly 30% within 24 hours following reports of its founder Richard Schueler, also known as Richard Heart, being detained by Turkish authorities in Istanbul. This decline erased approximately $160 million from HEX's market capitalization, falling from over $500 million to $340 million. Schueler was reportedly detained alongside his wife, with police seizing multiple devices, hardware wallets, jewelry, and handguns.
Why it matters
The report highlights a significant market reaction to the founder's detention, causing a substantial drop in HEX token value. The source does not explicitly explain the broader industry or regulatory implications of this event.
Key context
Schueler has been subject to legal actions previously, including an Interpol Red Notice issued for alleged tax fraud and assault, and is listed among Europe’s most wanted fugitives for related accusations. In 2023, the US SEC sued him over an unregistered securities offering and alleged misappropriation of funds, but the case was dismissed for lack of jurisdiction over US investors, and the SEC decided not to refile.
Key numbers and entities
The HEX token fell nearly 30% to $0.0006, erasing about $160 million in market cap from over $500 million to $340 million as of the reported date. Richard Schueler (Richard Heart), Turkish authorities in Istanbul, Interpol, Finland’s National Bureau of Investigations, US Securities and Exchange Commission, and US District Judge Carol Bagley Amon are noted entities.
What remains unclear
The source does not confirm the reasons for Schueler’s detention or the legal outcomes following the seizure of his property. There is no official comment from Turkish authorities or further details about ongoing investigations or charges. The impact on HEX’s long-term market prospects is also not addressed.