HEX founder Richard Schueler arrested in Istanbul, token falls 30%

AI-generated briefing · First published 2026-10-15 16:10:23 UTC

Turkish police detained Richard Schueler, also known as Richard Heart, in Istanbul; HEX token price dropped 30% and market cap fell $160 million.

Turkish authorities detained HEX founder Richard Schueler and his wife in Istanbul on Wednesday, seizing cash, luxury watches, devices, hardware wallets, jewelry and handguns, according to local media. [1] [2]

The HEX token fell nearly 30% to $0.0006, erasing about $160 million from its market capitalization, which dropped from more than $500 million to $340 million. [2]

The arrest follows an Interpol Red Notice issued nearly two years ago for alleged tax fraud and assault, with Finnish authorities seeking his arrest; the SEC previously sued Schueler but later dropped the case. [2]

Sources

1. Hex founder Richard Heart arrested in Istanbul, Turkish media report

   CoinDesk · 2026-10-15 09:20:57 UTC · Summary only

2. HEX token sellers erase $160M following reports of founder Richard Schueler arrest

   Cointelegraph · 2026-10-15 12:12:57 UTC · Full text

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