Hex’s HEX token slumped by nearly 30% over the past day after Turkish media reports claimed HEX founder Richard Schueler—also known as Richard Heart—was detained by authorities in Istanbul. The sharp selloff has wiped tens of millions of dollars off the token’s value, underscoring how quickly legal headlines can spill into crypto markets.
According to CoinMarketCap, HEX traded around $0.0006 as of 11:28 am UTC on Thursday, down from a market capitalization of roughly over $500 million on Wednesday to about $340 million by press time. HEX previously reached as high as $0.44 in September 2021.
Key takeaways
- Turkish outlet Ihlas Haber Ajansı (IHA) reported that Richard Heart and his wife were detained in Istanbul.
- HEX fell nearly 30% in 24 hours, with CoinMarketCap data showing market cap shrinking from about $500M+ to around $340M.
- The report revives attention on earlier cross-border enforcement actions, including an Interpol “Red Notice.”
- Legal exposure also predates this episode: the SEC sued in 2023, and a US court dismissed the case in February 2025.
HEX slides as Istanbul detention reports circulate
The price move followed a report from Ihlas Haber Ajansı (IHA), a Turkish news outlet, stating that Schueler and his wife were detained in Istanbul. The publication said police seized multiple devices, hardware wallets, jewelry, and handguns during the operation.
While token price reactions are often rapid in crypto, this episode stands out for the breadth of information being reported: it combines a high-profile individual, a law-enforcement action in a specific jurisdiction, and details about seized items. For traders, those elements typically increase uncertainty around custody, access to funds, and potential future legal outcomes—factors that can influence sentiment quickly.
Why the case matters to investors: enforcement isn’t new
The Istanbul report echoes earlier international enforcement efforts involving Schueler. In nearly two years prior, Interpol issued a “Red Notice” for him, alleging tax fraud and assault, with Finnish authorities seeking his arrest. That action was reported earlier by Cointelegraph in relation to the Interpol notice.
A spokesperson for Finland’s National Bureau of Investigations reportedly declined to comment on the matter at the time of those earlier developments.
Beyond the Interpol notice, Schueler had also been listed on Europe’s most wanted fugitives list on similar allegations. The listing included claims that he “physically assaulted a 16-year-old victim by grabbing their hair, dragging them into the stairwell and knocking them to the ground.”
SEC lawsuit dismissed in US, but regulatory pressure remains part of the narrative
The Istanbul detention arrives against a backdrop of major regulatory and litigation history in the US. In July 2023, the US Securities and Exchange Commission (SEC) sued Schueler, alleging he raised $1 billion through an unregistered securities offering and misappropriated at least $12 million. Earlier coverage from Cointelegraph described the SEC’s claims.
That lawsuit did not reach a resolution on the merits for investors, however. In February 2025, US District Judge Carol Bagley Amon dismissed the case, ruling that the alleged activities were not sufficiently directed at US investors. Later, in April 2025, Cointelegraph reported that the SEC said it did not intend to refile its securities fraud complaint against Schueler.
Even with the SEC case dismissed, the broader legal narrative appears to remain active internationally. For the market, that difference matters: dismissal in one jurisdiction does not eliminate legal exposure elsewhere, nor does it necessarily reassure holders if new enforcement actions emerge in other countries.
What to watch next
For HEX holders and traders, the key uncertainty is whether the Istanbul reports translate into formal charges, custody determinations, or further official confirmation from Turkish authorities. Market moves tied to legal headlines tend to fade when details become concrete—but they can intensify if new information suggests extended proceedings or changes in access to assets. Readers should monitor follow-up reporting from authorities and any court-related updates as the story develops.
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