HEX token loses $160M after reports of founder Richard Schueler's arrest in Istanbul

The HEX token fell nearly 30% in 24 hours, dropping to $0.0006 by 11:28 am UTC on Thursday, erasing about $160 million from its market capitalization, from over $500 million on Wednesday to $340 million. Local media reported that Turkish authorities detained founder Richard Schueler and his wife in Istanbul, seizing devices, hardware wallets, jewelry, and handguns. This follows an Interpol Red Notice for Schueler regarding alleged tax fraud and assault, and a 2023 SEC lawsuit alleging he raised $1 billion in an unregistered securities offering and misappropriated at least $12 million, which was dismissed in February 2025.