Hex’s HEX token plunged nearly 30% over the past 24 hours after Turkish media reported that founder Richard Schueler, known as Richard Heart, was detained in Istanbul. The selloff accelerated late Wednesday, with the token trading around $0.0006 by 11:28 am UTC on Thursday, according to CoinMarketCap, wiping out roughly $160 million in market value.
News coverage cited an Istanbul operation in which authorities reportedly seized multiple devices, hardware wallets, jewelry and handguns. The report also arrives against a backdrop of long-running legal and enforcement actions involving Schueler, including prior international alert notices and US regulatory proceedings.
Key takeaways
- HEX fell about 30% in 24 hours to roughly $0.0006 as of 11:28 am UTC Thursday, per CoinMarketCap.
- Ihlas Haber Ajansı (IHA) reported Schueler and his wife were detained in Istanbul.
- The detention report follows years of enforcement pressure, including Interpol’s Red Notice and a US SEC lawsuit that was dismissed.
- Finland’s National Bureau of Investigations declined to comment, leaving some details of the Istanbul case unverified.
HEX’s sharp drop tied to detention report
According to CoinMarketCap, HEX traded above $500 million in market capitalization on Wednesday but had fallen to about $340 million by press time on Thursday. The token also previously reached a peak of more than $0.44 in September 2021, highlighting how far it has declined from earlier highs.
The immediate trigger for the move appears to be a local media report. On Wednesday, Ihlas Haber Ajansı (IHA) reported that Schueler and his wife were detained by Turkish authorities in Istanbul.
What Turkish media said about the Istanbul operation
IHA’s report claimed that police seized multiple devices, hardware wallets, jewelry, and handguns during the operation. While such details can help explain why the story resonated quickly with crypto traders—especially those concerned about custody, access, or ongoing litigation—readers should note that the report’s key claims have not been independently confirmed within the information provided.
Finland’s National Bureau of Investigations did not respond with comment. That lack of confirmation may leave market participants cautious about how much certainty to assign to the report beyond what was published by IHA.
Long-running enforcement actions and shifting legal outcomes
The Istanbul detention report comes after years of international and US-related scrutiny of Schueler. Earlier, Interpol issued a “Red Notice” connected to allegations that he committed tax fraud and assault, with Finnish authorities seeking his arrest. According to the earlier coverage, Schueler has also been listed among Europe’s most wanted fugitives under similar allegations, including a claim that he “physically assaulted a 16-year-old victim by grabbing their hair, dragging them into the stairwell and knocking them to the ground.”
On the US side, the SEC sued Schueler in July 2023, alleging he raised $1 billion in an unregistered securities offering and misappropriated at least $12 million. The case later narrowed after a federal judge dismissed it.
In February 2025, US District Judge Carol Bagley Amon dismissed the SEC’s case, ruling that the actions were not sufficiently directed at US investors. Then in April 2025, the SEC said it didn’t intend to refile its securities fraud complaint against Schueler.
Why investors are watching closely
Detentions involving high-profile crypto founders tend to affect markets not only because of legal risk, but because of practical questions around control and access: who has custody of assets, whether operations can continue as before, and what changes might follow in governance and key management. In HEX’s case, the immediate token decline suggests traders treated the report as a meaningful escalation rather than routine press coverage.
That said, the longer arc of the underlying legal story shows that outcomes can vary by jurisdiction and legal standard. The SEC’s lawsuit dismissal—based on how the alleged conduct related to US investors—illustrates that even when enforcement action is brought, courts may limit whether regulators can proceed on the facts presented.
With the Istanbul report, market attention now appears to pivot again toward cross-border enforcement and how authorities in different countries address the same individual and related allegations. However, until more official documentation emerges, the precise legal posture of Schueler’s situation in Turkey remains uncertain.
Readers should watch for any public filings or confirmations from Turkish authorities, as well as follow-up reporting from Finland and other enforcement stakeholders. The next signal for markets will likely be whether the detention becomes part of a formally stated criminal process, and whether any developments connect back to prior international notices and ongoing allegations.
