Following reports of the arrest of Richard Schueler, the founders of the HEX token wiped out $160 million

The price of the HEX token fell 30% following local media reports of the arrest of founder Richard Schueler in Istanbul, nearly two years after Interpol issued a "Red Notice" for him.

The price of the HEX token dropped by 30% following local media reports that founder Richard Shuler was arrested in Istanbul, almost two years after Interpol issued a "red notice".

The Hex token (HEX) has fallen nearly 30% in the past 24 hours after local media reported that Richard Schuler, founder of Richard Hart, was arrested by Istanbul authorities.

According to CoinMarketCap, the HEX token fell to $0.0006 as of 11:28 a.m. UTC Thursday, wiping about $160 million off its market cap, down from more than $500 million on Wednesday to $340 million at press time. It previously reached $0.44 in September 2021.

On Wednesday, Ihlas Haber Ajansı (IHA) reported that Schuler and his wife were detained by Turkish authorities in Istanbul. Police reportedly seized several devices, hardware wallets, jewelry and handguns.

The reported arrest comes nearly two years after the world's largest international police organization, Interpol, issued a "red notice" for Schuller on charges of tax fraud and rape, and Finnish authorities sought his arrest.

A spokesperson for Finland's National Investigation Agency declined to comment on the matter.

Schuller was also placed on Europe's most wanted fugitives list on similar charges, claiming he "physically assaulted a 16-year-old victim by grabbing their hair, dragging them into a stairwell and knocking them to the ground."

In July 2023, the US Securities and Exchange Commission (SEC) sued Schuler, alleging that he raised $1 billion in an unregistered securities offering and embezzled at least $12 million.

U.S. District Judge Carol Bagley-Ammon dismissed the case in February 2025 after ruling that the activities did not sufficiently target American investors. In April 2025, the SEC said it did not plan to refile its securities fraud complaint against Shuler.